OMAHA, NE, May 27, 2016 /CNW/ - Ballantyne Strong, Inc. (NYSE MKT: BTN), a holding company with diverse business activities focused on serving the cinema, retail, financial and government markets, announces that it has acquired indirect ownership of an aggregate of 996,500 common shares ("Shares") of Kobex Capital Corp. (TSX-V: KXM; OTCQB: KBXMF) ("Kobex") through open market purchases on the TSX-V market. This announcement is made by Ballantyne Strong to comply with certain legal requirements under Canadian securities legislation respecting its ownership of securities of Kobex.
The Shares were acquired by Strong/MDI Inc., a wholly-owned subsidiary of Ballantyne Strong, and having a head office address at 1440 Rue Raoul Charette, Joliette, Quebec, J6E 8S7.
As a result of the acquisition of the Shares, Ballantyne Strong now, indirectly, beneficially owns and exercises control over an aggregate of 6,527,500 Shares, representing approximately 14.3 % of the 45,481,387 issued and outstanding common shares of Kobex (as disclosed in Kobex's Issuer Bid Circular dated April 29, 2016). Ballantyne Strong paid an average of Cdn$0.657 per Share for the recently acquired Shares that are subject to this news release for total consideration of Cdn$654,570.
Ballantyne Strong acquired the Shares for strategic purposes and may, depending on market and other conditions, increase or decrease beneficial ownership, control or discretion over, shares or other securities of Kobex through market transactions, private agreements or otherwise.
The head office of Kobex is located at Suite 1703, 595 Burrard Street, Vancouver, British Columbia.
Strong/MDI Inc. will file with the Canadian regulators within the prescribed period an early warning report providing details on the acquisition. The report will be available on SEDAR. In addition, a copy of the report may be obtained by contacting Elise Stejskal at the below number.
SOURCE Ballantyne Strong
For further information: Nate Legband, Chief Financial, 402/829-9404; Elise Stejskal, Officer Investor Relations, 402/829-9423