SOURCE: Tix Corporation

Tix Corporation

December 09, 2010 09:00 ET

Tix Corporation Completes Sale of Its Live Entertainment Subsidiary

STUDIO CITY, CA--(Marketwire - December 9, 2010) -  Tix Corporation (the "Company") (OTCQX: TIXC), a leading provider of discount ticket brokerage services and branded event merchandising, today announced that it completed the previously announced sale of its Live Entertainment subsidiary, Tix Productions, Inc. ("TPI"), to members of TPI's management. 

In exchange for TPI, the Company received approximately 2.3 million shares of the Company's common stock from TPI's management. TPI will also pay the Company up to $487,000 from distributions it receives from the Company's previous investments in "American Idiot" and "Rain - A Tribute to the Beatles on Broadway," both of which are currently performing on Broadway. 

Prior to entering the agreement for the sale of TPI, the Company retained B. Riley & Co., LLC to evaluate strategic options for TPI and to contact other potential strategic and financial buyers for TPI. The Company did not receive any alternative offers for TPI prior to the signing of the agreement or during the subsequent period up to the completion of the sale. 

About TIX Corporation

Tix Corporation (OTCQX: TIXC) is an entertainment company providing discount ticketing services and branded event merchandising. It currently operates ten discount ticket stores in Las Vegas under the Tix4Tonight marquee, and offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount reservations for dining. The Company's Exhibit Merchandising operation is engaged in branded merchandise development and sales activities related to museum exhibitions and other events, including the King Tutankhamun, Cleopatra and Real Pirates tours, and selling themed souvenir memorabilia and collectors' items in specialty stores in conjunction with the specific events and venues such as its store within the Cairo Museum that will be opening soon. 

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
    CFO
    Tix Corporation
    818-761-1002

    Tix Productions, Inc. Contact:
    Steve Boulay
    COO
    801-703-2045