Ballantyne Strong, Inc. (NYSE American: BTN) (the “Company” or
“Ballantyne”) announced today that Strong Studios, Inc. (“Strong
Studios”), a subsidiary of the Company’s Strong Entertainment
segment, acquired the rights and screenplay to its first original
feature film, “The Tank Job,” a true-life crime drama adapted from
Norman Miller’s book, The Great Salad Oil Swindle.
“The Tank Job” tells the true story of
ex-butcher turned salad oil exporter Anthony “Tino” DeAngelis and
his Bayonne, New Jersey blue collar crew as they conned and
swindled, nearly destroyed American Express and eventually crashed
Wall Street in their con to corner the market on salad oil futures
in the early 1960s.
Academy Award-nominated Alec
Sokolow (“Toy Story,” “Money Talks,” “Cheaper By the
Dozen,” “Evan Almighty”) wrote the screenplay for “The Tank Job”
and is set to direct. Sam Sokolow (NatGeo’s
“Genius”) and Nicholas Levis (“Darkon," "Who is
Christmas Eve," “Dreamkatcher,” “High Strung”) are producers.
Award-winning business journalist, CNBC contributor, author and
former hedge fund manager Ron Insana, CEO of
Insana Entertainment Group, will also produce. Ballantyne’s
Chairman Kyle Cerminara and CEO Mark
Roberson, and Strong Studios’ President David
Ozer (“Willy’s Wonderland,” “Trigger Point”) serve as
Executive Producers. Strong Studios is beginning discussions with
potential distributors, broadcasters and streamers.
Warren Buffett, Chairman and CEO of
Berkshire Hathaway, commented, “I told Ron Insana that I
would be delighted to see the story of the salad oil scandal made
into a movie, and I am pleased that Ron and Strong Studios are
now bringing this story to the big screen.”
In January 2021, Insana brought the idea for
“The Tank Job” to Cerminara, and they have been collaborating on it
ever since. Cerminara and Insana are former colleagues having
worked together in the hedge fund industry under Steve Cohen of
Point72. Both had aspirations of building feature films and
documentaries that tell the stories of many of the recent great
financial dramas that have occurred in the capital markets
industry. It was the impetus for Ballantyne to create Strong
Studios and hire Ozer to lead the charge of this business unit.
President of Strong Studios &
Executive Producer David Ozer said, “The enormous fraud
perpetrated by Allied Crude Vegetable Oil Refining Company and
conman Anthony ‘Tino’ DeAngelis in 1963 is legendary, and I am
excited to work with an all-star creative team to bring this
riveting story of how the great salad oil scandal nearly crashed
the market, swindled millions of dollars from investors, and almost
decimated American Express.”
Producer & CEO of Insana
Entertainment Ron Insana stated, “You couldn’t make Tino
DeAngelis up. Everybody on the street knew the guy was shady. But,
everybody was making money until, you know, they weren’t. This is a
crazy comedy of errors and avarice and greed and lies and
deceptions. You know, Wall Street. ‘The Tank Job’ will be like a
love child of ‘The Big Short’ and ‘My Cousin Vinny’!”
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of the securities of the Company or any of its
subsidiaries, in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.
About Strong StudiosStrong
Studios, headquartered in New York, NY, is a subsidiary of
Ballantyne Strong, Inc.’s (NYSE American: BTN) Strong Entertainment
segment. Strong Studios develops and produces original feature
films and television series, as well as acquires third party rights
to content for global multiplatform distribution. The new studio
launched in March 2022 with an IP development slate acquisition and
an initial distribution agreement with Chicken Soup for the Soul
Entertainment’s Screen Media for two new scripted series, the
supernatural horror “Safehaven,” and the dramedy “Flagrant,” with
Michael Rapaport, which have both been officially greenlit for
production this year. Screen Media will distribute both series,
with their streaming services Crackle, Popcornflix, and Chicken
Soup for the Soul having first rights to premiere. Additional
series in Strong Studios’ development and production pipeline
include “Shadows in the Vineyard,” starring Judith Light and Noah
Wyle; the drama series, “Heartbeat,” co-created by legendary DJ
couple Kiss and M.O.S.; and the horror series “MidNightMares.”
About Ballantyne Strong,
Inc.Ballantyne Strong, Inc. (www.ballantynestrong.com) is
a diversified holding company with operations and holdings across a
broad range of industries. The Company’s Strong Entertainment
segment is the largest premium screen supplier in North America,
provides technical support services and related products and
services to the cinema exhibition industry, and recently launched
its studio operations to produce content for streaming and other
entertainment outlets. Ballantyne holds equity stakes in Firefly
Systems, Inc., GreenFirst Forest Products Inc. (TSX: GFP), and FG
Financial Group, Inc. (Nasdaq: FGF), as well as real estate through
its Digital Ignition operating business.
Forward-Looking
Statements In addition to the historical information
included herein, this press release includes forward-looking
statements, such as management’s expectations regarding its
portfolio companies, the Company’s intent to pursue an initial
public offering and separate listing of its Entertainment business,
as well as future sales, the impact, length and severity of the
COVID-19 pandemic, general economic recovery from the effects 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 the Company’s Annual
Report on Form 10-K for the year ended December 31, 2021 filed with
the SEC on March 24, 2022, 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 impact on the global economy and
supply chains of the ongoing military conflict in Ukraine and the
sanctions related thereto; 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 ability to successfully execute its capital allocation
strategy or achieve the returns it expects from these investments;
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 market volatility generated by
the ongoing COVID-19 pandemic and ongoing military conflict in
Ukraine and related sanctions); 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 Company’s portfolio
companies; 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
and ongoing military conflict in Ukraine and related sanctions);
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 ongoing 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.
For Investor Relations
Inquiries:
Mark RobersonBallantyne Strong, Inc. - Chief Executive
Officer704-994-8279IR@btn-inc.com
John Nesbett / Jennifer BelodeauIMS Investor
Relations203-972-9200jnesbett@institutionalms.com
For Media Inquiries:
Michelle OrsiThree.Sixty Marketing +
Communications310-418-6430michelle@360-comm.com
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