Benzinga | Jun 28, 2021 12:34PM EDT

Ballantyne Portfolio Company Buys Curb Taxi Media For Undisclosed Sum

* Ballantyne Strong Inc (NYSE:BTN) has announced that portfolio company Firefly Systems Inc has acquired Curb Taxi Media, a mobility media company in the U.S.

* Ballantyne holds a $13 million preferred investment in Firefly, a privately-held company.

* The acquisition will provide Firefly with access to over ten thousand top-of-car screens to significantly scale Firefly's disruptive technology and network.

* The terms of the deal were not disclosed.

* "This strategic acquisition gives our portfolio company, Firefly, the opportunity to accelerate the deployment of its screens in major cities across the U.S., and we believe this represents a significant growth opportunity for the business," said Mark Roberson, Chief Executive Officer, Ballantyne Strong.

* Ballantyne's cash and equivalents totaled $22.3 million as of March 31, 2021.

* Price action: BTN shares are trading lower by 2.35% at $4.99 on the last check Monday.