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Topic: Ballantyne of Omaha Enters into Letter of Intent to AcquireNational Cinema Service C
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Bevan Wright
Expert Film Handler
Posts: 176
From: Fountain Valley, CA, USA
Registered: Sep 2003
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posted 04-28-2006 07:31 AM
Ballantyne of Omaha Enters into Letter of Intent to Acquire National Cinema Service Corp.
Friday April 28, 7:07 am ET
Planned Acquisition is First Step towards Establishment of a National Digital Cinema Service Network
OMAHA, Neb.--(BUSINESS WIRE)--April 28, 2006--Ballantyne of Omaha, Inc. (Amex: BTN - News), a manufacturer of motion picture projection and specialty lighting equipment, today announced that it entered into a letter of intent to acquire the assets of National Cinema Service Corp. (NCSC), a national provider of cinema services including film and digital projector maintenance, repair, equipment installations, site surveys and other theatre services. The addition of the National Cinema Service organization will form the basis for Ballantyne's creation of a strong service offering that addresses the growing digital cinema marketplace. Financial details of the transaction are not being disclosed though the acquisition, to be funded from cash on hand, is expected to be modestly accretive to Ballantyne's earnings upon closing.
NCSC, provides cinema services on a national basis to customers in 31 states and has annual revenues of approximately $5 million. The Company has a very strong reputation in the industry for quality work, responsiveness and an experienced technical staff with an average of 11 years of industry experience.
John P. Wilmers, President and Chief Executive Officer of Ballantyne, commented, "The planned acquisition of NCSC is consistent with our strategy to launch a service network to address the near- and long-term opportunities in the digital cinema market. We view NCSC as a platform for future growth that can immediately add value to our installation and 'after-sale' activities. We believe the acquisition of NCSC, a respected and long established leader in the cinema services market, with a very strong and loyal customer base, is an ideal way to jump-start this initiative.
"Chris Pierce, NCSC President and owner, and the NCSC senior management team, will join Ballantyne and will work closely with John Wolski, the newly appointed Vice President of our Strong Digital Systems division. We believe the collective experience that Chris and John bring to this initiative will position Ballantyne as a leading provider of products and services in the digital world."
Chris Pierce added, "Importantly the team and culture of NCSC, emphasizing service and quality, mirrors that of Ballantyne. With Ballantyne's strong industry relationships, we will extend NCSC's service capabilities to target the digital cinema market while maintaining our customer's film-based equipment. We look forward to joining forces with Ballantyne as we believe that digital cinema will become an important element of the business mix in coming years."
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