SOURCE: Tix Corporation

Tix Corporation

April 01, 2011 09:15 ET

Tix Corporation Adopts Stockholder Rights Plan

STUDIO CITY, CA--(Marketwire - April 1, 2011) - Tix Corporation ("Tix" or the "Company") (OTCQX: TIXC), a leading entertainment company providing discount ticketing services and branded event merchandising, today announced that its Board of Directors (the "Board") has approved the adoption of a Rights Agreement (the "Rights Agreement") under which stockholders will receive rights to purchase shares of common stock.

The Rights Agreement is intended to protect the Company and its stockholders from any efforts to obtain control of the Company that are inconsistent with the best interests of the Company and its stockholders.

Under the terms of the Rights Agreement, the rights will be exercisable if a person or group, without Board approval, acquires 15% or more of Tix's common stock or announces a tender offer which results in the ownership of 15% or more of Tix's common stock, subject to certain exceptions. A person or group that owns 15% or more of Tix's common stock at the time of the adoption of the Rights Agreement will not trigger the Rights Agreement and the rights will not be exercisable at such time. However, the rights will be exercisable if such person or group, without Board approval, acquires any additional shares (other than pursuant to a dividend or distribution paid or made by Tix on the outstanding common stock or pursuant to a split or subdivision of the outstanding common stock). If the rights become exercisable, all rights holders (other than the person triggering the rights) will be entitled to acquire Tix's common stock at a 50% discount. The Rights Agreement will expire on March 31, 2021.

The rights will trade with Tix's common stock, unless and until they are separated upon the occurrence of certain future events. Stockholders are not required to take any actions to receive the rights distribution. Until the rights become exercisable, they will trade with, and be inseparable from, Tix's common stock. The Board may terminate the Rights Agreement or redeem the rights prior to the time the rights are triggered.

About Tix Corporation

Tix Corporation is an entertainment company providing discount ticketing services and branded event merchandising. It currently operates eleven discount ticket stores in Las Vegas under the Tix4Tonight marquee, which offer up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining. The Company is also engaged in branded merchandise development and sales activities related to museum exhibitions and other events, including the King Tutankhamun, Cleopatra and Real Pirates tours as well as selling themed souvenir memorabilia and collectors items in specialty stores in conjunction with the specific events and venues.

Safe Harbor Statement

Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are discussed in the Company's various filings with the Securities and Exchange Commission and the OTCQX. The Company assumes no obligation to update these forward-looking statements.

Contact Information

  • Investor Relations Contact:
    Steve Handy
    Chief Financial Officer
    Tix Corporation