Strong/MDI Screen Systems, Inc. (“Strong/MDI”), a wholly owned
subsidiary of Ballantyne Strong, Inc. (NYSE American: BTN), and a
leader in projection screens and optical coating development for
cinemas, commercial venues and amusement parks worldwide, announced
today the signing of a five-year exclusive worldwide supply
agreement with Cinemark Theatres (NYSE: CNK), the third largest
exhibitor in the United States.
Cinemark is a leader in the motion picture
exhibition industry with 534 theatres and 5,977 screens across
the U.S. and countries in Latin America. This multi-year agreement
comprises Strong/MDI’s full line of screen products.
“Cinemark Theatres is well known for their
operational excellence and focus on bringing consumers the best
theatrical experience, and we’re honored to have been selected as
their exclusive worldwide supplier,” said Ray Boegner, President of
Strong Entertainment. “Strong/MDI provides the highest quality
screens in the industry and we are excited to expand and elevate
our 35-year relationship with the Cinemark team. Our premium
screens and specialized coatings are engineered to enhance the
superior entertainment experience that Cinemark Theatre patrons
have come to expect.”
“We have worked closely with Strong/MDI for many years and rely
on them to provide the highest-quality screens for our theatres,”
said Damian Wardle, EVP of Global Technology and Presentation at
Cinemark. “The Strong/MDI High-Performance perforation pattern
enhances our laser projection performance to the highest standards.
The quality and performance of the screens, coupled with the rapid
delivery turnaround time, were instrumental in our decision to
reach a long-term agreement.”
About Strong/MDI Screen Systems
Strong/MDI Screen Systems, a Ballantyne Strong,
Inc. company, is a projection screen manufacturer located in
Joliette, Canada. It manufactures 2D and 3D screens, specialty
screens, motorized screen systems, custom structures and masking
motors for clients worldwide. Strong/MDI Screen Systems is also
known for the development of highly sophisticated coatings for
projection surfaces.
About Ballantyne Strong, Inc.
Ballantyne Strong, Inc.
(www.ballantynestrong.com) and its subsidiaries engage in diverse
business activities including the design, integration and
installation of technology solutions for a broad range of
applications; development and delivery of out-of-home messaging,
advertising and communications; manufacturing of projection
screens; and providing managed services including monitoring of
networked equipment. The Company focuses on serving the
entertainment, retail and advertising markets.
About Cinemark
Theatres
Headquartered in Plano, TX, Cinemark (NYSE: CNK)
is one of the largest and most influential movie theatre companies
in the world. Cinemark’s circuit, comprised of various brands that
also include Century, Tinseltown and Rave, operates 534 theatres
with 5,977 screens globally (332 theatres and 4,522 screens across
41 states domestically; 202 theatres and 1455 screens in 15
countries throughout South and Central America). Cinemark
consistently provides an extraordinary guest experience from the
initial ticket purchase to the closing credits, including Movie
Club, the first U.S. exhibitor-launched subscription program; the
highest Luxury Lounger recliner seat penetration among the major
players; XD - the No. 1 exhibitor-brand premium large format; and
expansive food and beverage options to further enhance the
moviegoing experience. For more information go
to https://ir.cinemark.com/.
Forward-Looking Statements
This press release may include forward-looking
statements, such as our expectations regarding future sales, the
impact, length and severity of the COVID-19 pandemic, and the
adequacy of the actions taken in response to the pandemic, which
involve a number of risks and uncertainties, including but not
limited to those discussed in the “Risk Factors” section contained
in Item 1A in Ballantyne Strong, Inc.’s Annual Report on Form 10-K
for the year ended December 31, 2019, Part II, Item 1A of the
Company’s Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2020 and the Company’s subsequent filings with the
Securities and Exchange Commission, and the following risks and
uncertainties: the negative impact that the COVID-19 pandemic has
already had, and may continue to have, on the Company’s business
and financial condition, the Company’s ability to maintain and
expand its revenue streams to compensate for the lower demand for
the Company’s digital cinema products and installation services,
potential interruptions of supplier relationships or higher prices
charged by suppliers, the Company’s ability to successfully compete
and introduce enhancements and new features that achieve market
acceptance and that keep pace with technological developments, the
Company’s access to capital, the Company’s ability to successfully
execute its capital allocation strategy, the Company’s ability to
maintain its brand and reputation and retain or replace its
significant customers, challenges associated with the Company’s
long sales cycles, the impact of a challenging global economic
environment or a downturn in the markets (such as the current
economic disruption and recession and market volatility generated
by the ongoing COVID-19 pandemic), economic and political risks of
selling products in foreign countries (including tariffs), risks of
non-compliance with U.S. and foreign laws and regulations,
potential sales tax collections and claims for uncollected amounts,
cybersecurity risks and risks of damage and interruptions of
information technology systems, the Company’s ability to retain key
members of management and successfully integrate new executives,
the Company’s ability to complete acquisitions, strategic
investments, entry into new lines of business, divestitures,
mergers or other transactions on acceptable terms or at all, the
impact of the COVID-19 pandemic on the companies in which the
Company holds investments, the Company’s ability to utilize or
assert its intellectual property rights, the impact of natural
disasters and other catastrophic events (such as the ongoing
COVID-19 pandemic), the adequacy of insurance, the impact of having
a controlling stockholder and vulnerability to fluctuation in the
Company’s stock price. Given the risks and uncertainties, readers
should not place undue reliance on any forward-looking statement
and should recognize that the statements are predictions of future
results which may not occur as anticipated. Many of the risks
listed above have been, and may further be, exacerbated by the
COVID-19 pandemic, its impact on the cinema and entertainment
industry, and the worsening economic environment. Actual results
could differ materially from those anticipated in the
forward-looking statements and from historical results, due to the
risks and uncertainties described herein, as well as others not now
anticipated. New risk factors emerge from time to time and it is
not possible for management to predict all such risk factors, nor
can it assess the impact of all such factors on the Company’s
business or the extent to which any factor, or combination of
factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Except where required
by law, the Company assumes no obligation to update, withdraw or
revise any forward-looking statements to reflect actual results or
changes in factors or assumptions affecting such forward-looking
statements.
Strong/MDI ContactFrancois
BarretteVice President - General Manager, Strong/MDI Screen
Systems450-755-3795info@strongmdi.com
Ballantyne Strong ContactMark
RobersonBallantyne Strong, Inc.Chief Executive
Officer704-994-8279IR@btn-inc.com
Investor Relations ContactJohn Nesbett/Jennifer
BelodeauIMS Investor
Relations203-972-9200jnesbett@institutionalms.com
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