SOURCE: Tix Corporation

Tix Corporation

May 10, 2011 09:15 ET

Tix Corporation Rejects Baker Street Capital, L.P.'s Non-Binding Conditional Expression of Interest

STUDIO CITY, CA--(Marketwire - May 10, 2011) - Tix Corporation ("Tix") (OTCQX: TIXC) (PINKSHEETS: TIXC), a leading entertainment company providing discount ticketing services and branded event merchandising, today announced that its Board of Directors, based on the recommendation of a special committee of the Board of Directors, has unanimously rejected the non-binding conditional expression of interest by Baker Street Capital, L.P. ("Baker Street") to acquire all of the shares of common stock of Tix not owned by Baker Street. The Board, based on the recommendation of the Special Committee, has determined that the Baker Street non-binding conditional expression of interest is not in the best interests of Tix or its stockholders.

Tix also announced that its Board of Directors had approved amended and restated bylaws. The amended and restated bylaws make a number of changes to the bylaws of Tix, including the adoption of a bylaw relating to stockholder action by consent in lieu of a meeting and the adoption of an advance notice bylaw requiring stockholders to provide advance notice of any nominations or other business stockholders wish to present at any annual meeting of stockholders. For purposes of the first annual meeting of stockholders following the adoption of the amended and restated bylaws, to be timely, a stockholder's notice must be delivered to the secretary of Tix at the principal executive offices of Tix not later than the close of business on the tenth calendar day following the public announcement of the annual meeting. A complete copy of the amended and restated bylaws may be found on the Company website at www.tixcorp.com or at www.otcqx.com.

About TIX Corporation

Tix Corporation is an entertainment company providing discount ticketing services, and event and branded 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. A copy of the Company's report for the twelve months ended December 31, 2010 can be found on the Company website at www.tixcorp.com or at www.otcqx.com.

Contact Information

  • Contact:
    Steve Handy
    CFO
    818-761-1002