Ballantyne Strong Secures $20 Million Revolving Credit Facility with Wells Fargo

Related Quotes

Symbol	Price	Change
BTN	8.13	-0.02

{"s" : "btn","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""}

OMAHA, Neb.--(BUSINESS WIRE)--Ballantyne Strong, Inc. (NYSE Amex: BTN), a provider of digital cinema projection equipment and services, cinema screens and other cinema products, announced today that it has entered into a $20 million, one-year Revolving Credit Agreement and Note (collectively, the “Credit Facility”) with Wells Fargo Bank, N.A. Borrowings under the Credit Facility, which bear interest at a rate of LIBOR plus 125 basis points, will be primarily used for working capital and other general corporate purposes. The Credit facility expires June 30, 2011 and is secured by Ballantyne’s accounts receivable, general intangibles and inventory. The Credit Facility contains certain covenants and restrictions pertaining to the operations of the Company.

Kevin Herrmann, CFO of Ballantyne, commented, “To supplement our already strong balance sheet and cash position, we felt it was prudent to expand Ballantyne’s potential borrowing capacity through this new relationship with Wells Fargo. The Credit Facility replaces our previous $4 million facility with another bank and provides us with an expanded cushion to fund potential short-term cash needs, particularly in our digital projector business, at an attractive cost. It also provides us with greater future flexibility in deploying our cash resources to fund other growth opportunities, including potential acquisitions.”

About Ballantyne Strong, Inc. (www.ballantyne-strong.com)

Ballantyne is a provider of motion picture projection, digital cinema projection, cinema screen technology and specialty lighting equipment and services. The Company supplies major theater chains, top arenas, television and motion picture production studios, theme parks and architectural sites around the world.

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.
Kevin Herrmann
Chief Financial Officer
402-453-4444
or
Jaffoni & Collins Incorporated
Robert Rinderman, David Collins
212-835-8500
btn@jcir.com