Ballantyne Strong Sells Assets of Lighting Business to Syncrolite
By Business Wire News
By Business Wire News
Ballantyne Strong, Inc. (NYSE MKT: BTN), a holding company with diverse business activities focused on serving the cinema, retail, financial and government markets, today announced the sale of the assets of its lighting business to Syncrolite, LLC.
Kyle Cerminara, Chairman and Chief Executive Officer of Ballantyne Strong, Inc. commented, “This transaction is a natural next step for Ballantyne Strong as our new leadership sharpens our focus on businesses that are core to our new strategy. In the last few months, the newly elected Board of Directors has streamlined our operating businesses into two distinct divisions, (1) Cinema, led by President Ray Boegner and (2) Digital Media, led by President Steve Schilling. We are excited about the strong foundation we have in these two core businesses and we look forward to continuing the operational improvements we have made in the last few months. Our core businesses are now generating significant cash flows and we are evaluating acquisition and investment opportunities in numerous businesses that we believe will result in the highest return on invested capital for our shareholders. We could not be more excited about the future of Ballantyne Strong and its new strategy.”
Jerry Trojan, Chief Executive Officer, Syncrolite, commented, “The Strong name is familiar to everyone in the entertainment lighting industry and Syncrolite is proud to be in a position to carry that tradition forward and take Strong Lighting products to the next level. Our deep knowledge of Xenon lighting systems and our commitment to customer service makes this move a win-win for Syncrolite and all past and future Strong Lighting customers.”
About Ballantyne Strong, Inc. (www.strong-world.com)
Ballantyne Strong 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 cinema, retail, financial, and government markets.
Except for the historical information in this press release, it includes forward-looking statements that involve risks and uncertainties, including but not limited to, quarterly fluctuations in results; customer demand for the Company’s products; the development of new technology for alternate means of motion picture presentation; domestic and international economic conditions; the management of growth; and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Actual results may differ materially from management’s expectations.
Ballantyne Strong, Inc.
Nate Legband, 402-829-9404
Chief Financial Officer
Elise Stejskal, 402-829-9423