Strong Studios Acquires Production Rights to Its Debut Original Feature, ‘The Tank Job,’ A True Crime Drama

Ballantyne Strong Inc.

Oscar-nominated screenwriter Alec Sokolow adapted the screenplay from Norman Miller’s book, The Great Salad Oil Scamand is set to Direct

NEW YORK, April 12, 2022 (GLOBE NEWSWIRE) — Ballantyne Strong, Inc. (NYSE American: BTN) (the “Company” or “Ballantyne”) today announced that Strong Studios, Inc. (“Strong Studios” ), a subsidiary of the company’s Strong Entertainment segment, has acquired the rights and script to its first original feature, “The Tank Job,” a realistic crime drama adapted from Norman Miller’s book, The Great Salad Oil Scam.

“The Tank Job” tells the true story of former butcher-turned-salad-oil exporter Anthony “Tino” DeAngelis and his blue-collar crew from Bayonne, New Jersey, as they swindled and swindled, nearly destroyed American Express and eventually crushed Wall Street in their scam to corner the salad oil futures market in the early 1960s.

Oscar nominee Alec Sokolow (“Toy Story”, “Money Talks”, “Cheaper By the Dozen”, “Evan Almighty”) wrote the screenplay for “The Tank Job” and is set to direct it. Sam Sokolow (the “Genius” of NatGeo) and Nicolas 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. President of Ballantyne Kyle Cerminara and CEO Marc Robersonand President of Strong Studios david ozer (“Willy’s Wonderland”, “Trigger Point”) serve as executive producers. Strong Studios is entering into discussions with potential distributors, broadcasters and streamers.

Warren Buffett, Chairman and CEO of Berkshire Hathawaycommented, “I told Ron Insana that I would love to see the story of the salad oil scandal made into a movie, and I’m thrilled 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’ve been collaborating on it ever since. Cerminara and Insana are former colleagues who worked together in the hedge fund industry under Point72’s Steve Cohen. Both had aspirations to create feature films and documentaries that tell the stories of many of the recent major financial dramas that have occurred in the financial markets industry. It was the impetus for Ballantyne to create Strong Studios and hire Ozer to lead the charge for that business unit.

President of Strong Studios and Executive Producer David Ozer said: “The massive fraud perpetrated by Allied Crude Vegetable Oil Refining Company and con-man Anthony ‘Tino’ DeAngelis in 1963 is legendary, and I am delighted to be working with a renowned creative team to tell this fascinating story of how whose great salad oil scandal nearly crashed the market, swindled millions of dollars from investors and nearly decimated American Express.

Producer and CEO of Insana Entertainment Ron Insana said, “You couldn’t invent Tino DeAngelis. Everyone on the street knew the guy was sleazy. But, everybody was making money until, you know, it wasn’t anymore. It’s a crazy comedy of errors, greed, greed, lies and deceptions. You know, Wall Street. ‘The Tank Job’ will be like a child in love with ‘The Big Short’ and ‘My Cousin Vinny’!”

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of the securities of the Company or any of its subsidiaries, in any jurisdiction in which a such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Strong Studios
Strong Studios, headquartered in New York, NY, is a subsidiary of the Strong Entertainment segment of Ballantyne Strong, Inc. (NYSE American: BTN). Strong Studios develops and produces original feature films and television series, and 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 deal with Chicken Soup for the Soul Entertainment’s Screen Media for two new scripted series, the supernatural horror “Safehaven” and the comedy-drama “Flagrant”, with Michael Rapaport. , both of which were 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 early premiere rights. 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 MOS; and the “MidNightMares” horror series.

About Ballantyne Strong, Inc.
Ballantyne Strong, Inc. (www.ballantynestrong.com) is a diversified holding company with operations and interests in a wide range of industries. The Company’s Strong Entertainment segment is North America’s largest supplier of high-end displays, provides technical support services and related products and services to the motion picture exhibition industry, and recently launched its studio operations to produce content for streaming and other entertainment points. Ballantyne holds interests 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 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 a 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 ability of the Company 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 the 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.

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Ballantyne Strong, Inc. – President and CEO
704-994-8279
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Three.Sixty Marketing + Communication
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