SOURCE: Tix Corporation

August 24, 2011 09:00 ET

Tix Corporation Announces Stock Repurchase Agreement

STUDIO CITY, CA--(Marketwire - Aug 24, 2011) - Tix Corporation (the "Company" or "Tix") (OTCQX: TIXC) (PINKSHEETS: TIXC), a leading entertainment company providing discount ticketing services and branded event merchandising, announced today that it entered into a definitive agreement with one of its stockholders to repurchase shares of its common stock for $2,122,160. Pursuant to the agreement, the Company has agreed to purchase 1,061,080 shares owned by such stockholder for a purchase price of $2.00 per share. The Company expects the transaction to be completed on or about September 6, 2011.

Mitch Francis, Chairman and CEO of the Company, stated, "We believe that this repurchase of a significant block of shares will enhance our stockholders' value. We're pleased that our strong balance sheet and operating cash flow allow us to fund our growth, while also opportunistically returning value to our stockholders through this repurchase agreement."

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 reservations for discount 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. Certain of these risks and uncertainties are discussed in the Company's various filings with 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
    (818) 761-1002