Wednesday April 15, 9:02 am Eastern Time
Ballantyne of Omaha and MegaSystems to Manufacture and Distribute Proprietary New Large Format Film Projector
OMAHA, Neb. & WAYNE, Pa.--April 15, 1998-- Ballantyne of Omaha, Inc. (NYSE: BTN - news), a leading manufacturer of motion picture projection and entertainment lighting equipment, and MegaSystems, Inc., a full service provider of products and services for the large-format film industry, announced today they have collaborated on a state-of-the-art, 3D large format projection system that will be exclusively manufactured by Ballantyne and distributed by MegaSystems. The versatile, easy-to-operate and competitively priced 8 perforation/70 millimeter projection system can project two- and three-dimensional images on screens up to 80 feet high by 60 feet wide with better quality resolution than a conventional 35 millimeter projector.
MegaSystems is a vertically-integrated provider of large format filmed entertainment services, offering turn-key solutions for commercial and educational venues. The Company's services include site evaluation, project feasibility studies, budgeting, equipment installation, supervision of design and building construction, facility operation and the creation of marketing, merchandising and sponsorship programs. MegaSystems also owns, operates and partners with successful theaters, including the Great Smoky Mountains Theater in Tennessee, Citbank Theater at Pier 39 in San Francisco, Zion Canyon in Utah, the Discovery Center of Science and Technology, and Chabot Science Center and Observatory in Oakland, California.
''This new 3D 8/70 projection system provides large format entertainment facilities a cost-effective equipment option unlike anything previously available on the market today,'' said Hilary Grinker, co-CEO and co-President of MegaSystems, Inc. ''Our partnership with Ballantyne represents the hardware component of a strategy to bundle the strengths of our unique companies into one package that offers a wide range of choices and options including operational support, marketing, theater and systems development, and film distribution.''
Doug Memmott, co-CEO and co-President of MegaSystems, added, ''The cost and service benefits of our one-stop-shopping approach makes the prospect of providing large screen entertainment, once considered out of reach for many cultural and educational venues, a distinct and affordable possibility.''
John P. Wilmers, Ballantyne's President and Chief Executive Officer, stated, ''Today's announcement underscores the unique strength of Ballantyne's engineering and manufacturing capabilities, and demonstrates the value which our technological expertise can add to the Company's competitiveness and top-line growth. An initial sale of five projection systems to MegaSystems is the first in what we hope will be a recurring stream of orders and revenues.''
''We have chosen Ballantyne as our exclusive supplier because of their long and successful track record,'' added Larry Polla, Chief Technology Officer of MegaSystems. ''As we know from our decade- long history, Ballantyne is renown for its ability to produce high quality projection systems in a timely and cost-effective manner.''
One of MegaSystem's predecessor companies, EMC, was granted exclusive rights by the International Olympic Committee to produce and distribute a large format film about the Olympics. Its first film, Olympic Glory, highlighting the events and personalities of the Nagano, Japan Olympics, is set for release in November 1998 and will be distributed by MegaSystems' distribution arm. Olympic Glory is produced by Kathleen Kennedy and Frank Marshall, who established their reputations with such productions as E.T., Jurassic Park and Who Framed Roger (more) Ballantyne and MegaSystems to Manufacture and Distribute Large Format Projector, 4/15/98 page 3
Rabbit, is directed by Oscar-winning director Kith Merrill and is written by Thomas Kenneally, author of Schindler's List.
''We look to establish our MegaSystems 2D and 3D 8/70 projectors as the new cost-performance standard for the industry,'' added Grinker and Memmott. ''When you combine this projection standard with dynamic digital sound, you create one of the best and most affordable systems available on the market today.''
MegaSystems, Inc., with headquarters in Wayne, Pennsylvania and offices in Willows, California and St. Augustine, Florida, is a Safeguard Scientifics (NYSE: SFE - news) partnership company and was formed by the recent merger of Educational Marketing Concepts, Hi- Tech Motion Picture Systems and World Cinemax Productions. Safeguard is a unique partnership of entrepreneurial companies focused on information technology markets.
Ballantyne of Omaha is the leading U.S. supplier of commercial motion picture projection equipment utilized by the major theater chains including AMC, Loews Cineplex and Regal Cinemas, and specialty projection equipment used by location-based entertainment providers such as The Walt Disney Co., Universal Studios and IMAX. Ballantyne of Omaha also manufactures, rents and leases specialty entertainment lighting products used at 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, 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 expectations.
--------------------------------------------------------------------------------
Contact:
Brad French
Chief Financial Officer
Ballantyne of Omaha, Inc.
402/453-4444
or
Joy Gordon
MegaSystems, Inc.
610/971-4079
or
Stewart Lewack, Joseph Jaffoni
Jaffoni & Collins Incorporated
212/835-8500; E-Mail: jaffoni@jcir.com |
