Acquisition Enhances Company's Service Offerings

Innovative Cinema Solutions Recorded $6 Million in 2022 Revenue

CHARLOTTE, N.C., Nov. 07, 2023 (GLOBE NEWSWIRE) -- Strong Global Entertainment, Inc. (NYSE:SGE) ("SGE" or the "Company") today announced that the Company entered into an asset purchase agreement on November 3, 2023, with Innovative Cinema Solutions, LLC ("ICS"), a full service provider of technical services and solutions to national cinema chains. The operations of ICS will be rolled into SGE's wholly-owned subsidiary, Strong Technical Services, Inc. ("STS"), which provides comprehensive managed service offerings with 24/7/365 support nationwide to ensure solution uptime and availability.

ICS provides on-site and remote managed services and support, system engineering and design services, system integration, product procurement, and event management and rentals. In 2022, ICS recorded $6 million in revenue and its current run rate is in excess of those levels.

Blake Titman, Senior Vice President and General Manager of STS, commented, "We have known Tom and the team at ICS for many years and are beyond pleased to have them join the Strong team. Much like Strong, the ICS team has built long-standing relationships in the cinema industry and are a great addition to our current team."

Tom Ostermann, Owner and Vice President of System Sales for ICS, stated, "We are thrilled to join the Strong family. This is an industry where relationships and trust are critical to success, and Strong is the right partner to help take our business to the next stage of growth."

Mark Roberson, CEO of SGE, added, "The acquisition of ICS marks our second acquisition since going public in May of this year. We believe this acquisition not only adds meaningful revenue and scale but is also highly synergistic to our service offerings and customer relationships."