SOURCE: Tix Corporation

February 24, 2011 09:00 ET

Tix Corporation and Vegas.com Settle Their Litigation; Tix Has Acquired the Assets of Vegas.com's Subsidiary, VegasTix4Less; Vegas.com Licensed Tix's Discount Ticket Distribution Patent; Tix and Vegas.com Intend to Pursue Projects Together

STUDIO CITY, CA--(Marketwire - February 24, 2011) - Tix Corporation (the "Company") (OTCQX: TIXC) (PINKSHEETS: TIXC) announced today that it and Vegas.com have settled all litigation between each other. Tix Corporation acquired the assets of Vegas.com's subsidiary, VegasTix4Less, LLC, a discount ticket broker with facilities in Las Vegas, Nevada. Vegas.com licensed Tix Corporation's United States patent covering the distribution of discount tickets.

The parties have agreed to work together to identify additional opportunities to serve Las Vegas tourists.

Tix Corporation paid $2,000,000 for the VegasTix4Less assets, with an additional $2,000,000 to be paid over the next eight years. 

Mitch Francis, CEO of Tix Corporation, said, "The outcome of this settlement put an end to costly litigation; procured a valuable acquisition; licensed our patent; and established an excellent working relationship with Vegas.com. This is precisely our mandate, which is to focus our capital and energies within our core business to enhance our cash flows and shareholder value."

About TIX Corporation

Tix Corporation (OTCQX: TIXC) is an entertainment company providing discount ticketing services and branded event merchandising. It currently operates eleven discount ticket stores in Las Vegas under its Tix4Tonight marquee, and offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount dining reservations. 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.

About VEGAS.com

VEGAS.com is the largest city destination travel website in the world with extensive, constantly updated information and a full range of travel products including hotel rooms, air-hotel packages, show tickets, tours and golf. A state-of-the-art contact center provides customer support, expert information and sales 24 hours a day, 7 days a week, 365 days a year to complement the information on www.VEGAS.com and espanol.VEGAS.com. VEGAS.com, through its Casino Travel & Tours unit, operates retail and concierge desks at more than 70 locations including the Palms, Paris, Harrah's, Bally's, Excalibur, New York-New York, Luxor and more. The company also offers a variety of excursions including city tours, the Hoover Dam and the Grand Canyon. VEGAS.com is a member of the Greenspun Family of Companies, privately owned and operating in Southern Nevada for more than 60 years.

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

    Media Contact Information:
    Vegas.com
    Terri L. Maruca
    Kirvin Doak Communications
    Email Contact
    702-737-3100