CHARLOTTE, NC, April 27, 2022 (GLOBE NEWSWIRE) — Strong Technical Services “(STS”), a wholly owned subsidiary of Ballantyne Strong, Inc. (NYSE American: BTN) (“Ballantyne” or the “Company”) ), today announced its partnership with GDC Technology Limited (“GDC”) for the deployment of digital cinema servers at Caribbean Cinemas (“Caribbean”), owner and operator of 583 screens in the Caribbean Islands, Central America and the South. The four-year agreement involves the complete replacement of the old media servers with the new “Flagship” GDC SR-1000 Standalone Integrated Media Block™ with Diskless CineCache™ on all existing sites and new construction projects of Caribbean Cinemas. STS will support the deployment and also provide remote technical services for the duration of the agreement.
“Caribbean Cinemas has always strived to provide moviegoers with exceptional service, value and enjoyment based on their continuous upgrading as new technologies become available,” said Ray Boegner, President of Strong Entertainment at Ballantyne. Strong. “This agreement is an example of the core Caribbean philosophy of leading and staying at the forefront of technology as it changes and evolves. I tip my hat to Robert and Caribbean for their leadership.
“At Caribbean Cinemas, we base our partnerships on trust and the reliable performance of a company’s products. We firmly believe that GDC is one of the most trusted names in the movie industry with highly reliable products,” said Robert Carrady, President of Caribbean Cinemas. “Expanding our relationship was based on our experience with GDC and Strong. Both have exceptional after-sales service, a history of innovation, and a passion for continually improving our customers’ movie-going experience.
“We are delighted to continue our long-term partnership with Caribbean Cinemas,” said Annie Wang, President of GDC Technology (USA) LLC. “We have had the pleasure of their partnership for the past 12 years now and this relationship will continue to grow as they continue to provide their customers with the best ‘state of the art’ presentation for years to come on the film markets they serve, now and in the future.
About Ballantyne Strong, Inc. and Strong Technical Services, Inc.
Ballantyne Strong, Inc. is a diversified holding company with operations and investments in a wide range of industries. The Company’s Strong Entertainment business unit includes STRONG/MDI Screen Systems (www.strongmdi.com), the world’s leading provider of premium screen and projection coatings and strong technical services (www.strong-tech.com), which provides comprehensive managed service offerings with 24/7/365 nationwide support to ensure solution uptime and availability. Ballantyne Strong also has interests in GreenFirst Forest Products Inc., Firefly, Inc and FG Financial Group, Inc.
About GDC Technology Limited
GDC Technology Limited (“GDC”) is a leading provider of digital cinema solutions with its manufacturing facility certified ISO 9001:2015 by SGS. GDC develops, manufactures and sells cinema projector, LED cinema projector and screen media server, content storage system, cinema enterprise software including cinema management system and cinema automation system. advanced cinema for the global movie industry. GDC holds the DTS:X licenseMT immersive object-based sound technology from DTS, Inc. for the development of its media servers. In addition, GDC also provides a suite of digital cinema products and services, including LED cinema, 3D product, audio equipment, projector lamp, silver screen, post-production service, electronic broadcast system (EDS).
In addition to historical information included in this press release, this press release contains forward-looking statements, such as management’s expectations regarding its portfolio companies, the company’s intention to pursue an initial public offering and separate listing of its entertainment business, as well as future sales, the impact, duration and severity of the COVID-19 pandemic, the general economic recovery from the effects of the COVID-19 pandemic and the adequacy of measures 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 Element 1A of the Annual Report of the company on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 24, 2022, and the following risks and uncertainties: the adverse impact that the COVID-19 pandemic has already had, and for would continue to have, on the activities and the financial situation of the Company; the impact on the global economy and supply chains of the ongoing military conflict in Ukraine and related sanctions; the Company’s ability to maintain and expand its revenue streams to offset declining demand for the Company’s digital cinema products and installation services; potential disruptions in supplier relationships or higher prices charged by suppliers; the Company’s ability to successfully compete and introduce enhancements and new features that gain market acceptance and keep pace with technological developments; the Company’s ability to successfully execute its capital allocation strategy or to obtain the returns it expects from these investments; the Company’s ability to maintain its brand and reputation and retain or replace significant customers; challenges associated with the Company’s long sales cycles; the impact of a challenging global economic environment or market downturn (such as the current economic disruption and market volatility generated by the ongoing COVID-19 pandemic and the ongoing military conflict in Ukraine and related sanctions ); economic and political risks related to the sale of products in foreign countries (including customs tariffs); risks of non-compliance with U.S. and foreign laws and regulations, possible collection of sales taxes and claims for uncollected amounts; cybersecurity risks and risks of damage to and interruptions of computer 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 businesses, divestitures, mergers or other transactions on acceptable terms, or not at all; the impact of the COVID-19 pandemic on the Company’s portfolio companies; the Company’s ability to use or enforce its intellectual property rights, the impact of natural disasters and other catastrophic events (such as the ongoing COVID-19 pandemic and the ongoing military conflict in Ukraine and the related penalties); adequacy of insurance; the impact of having a majority shareholder and the vulnerability to fluctuations in the price of the Company’s shares. Given the risks and uncertainties, readers should not place undue reliance on forward-looking statements and should recognize that statements are predictions of future results which may not occur as expected. Many of the risks listed above have been, and may further be, exacerbated by the ongoing COVID-19 pandemic, its impact on the film and entertainment industry and the deteriorating 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 currently anticipated. New risk factors emerge from time to time and it is not possible for management to predict all of these risk factors, nor to assess the impact of all of these factors on the Company’s business or the extent to which one factor, or combination of factors, could cause actual results to differ materially from those contained in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update, remove or revise any forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.