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Ballantyne Strong Issues Statement in Response to Proxy Contest

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Ballantyne Strong, Inc. (NYSE MKT: BTN) today issued the following statement in response to the proxy contest initiated by Fundamental Global Investors to replace all of the current directors with its nominees.

"We were surprised and disappointed by the news of the proxy contest initiated by Fundamental Global Investors. Since Fundamental Global Investors became one of Ballantyne Strong's largest shareholders, we have engaged in several constructive discussions with its CEO regarding our business and growth strategies. Earlier this year, we invited him to join the board and he accepted our invitation. We were looking forward to working with him collaboratively to execute the vision we have for the company, and had expressed our openness to adding other new directors he proposed that would work collaboratively to enhance shareholder value.

"We believe the initiation of a proxy contest is an unnecessary and costly measure that has the potential to disrupt Ballantyne Strong's operations and momentum at a critical time in the development of the Company's digital communications business. We are committed to continuing our practice of exploring all options for enhancing shareholder value, including returning capital to shareholders, considering strategic business combinations, reinvesting in the business to accelerate organic growth, and enhancing efficiencies through cost reduction initiatives, among other considerations.

"We look forward to communicating with all Ballantyne Strong shareholders in the weeks ahead to enhance their understanding of our vision for the Company, our progress in becoming the market leader in integrating digital media technology, and the strategies we are implementing to create value for shareholders."

 

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