Tix Corporation Announces Stock Repurchase Agreement
24 Agosto 2011 - 8:00AM
Marketwired
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.
Investor Relations Contact: Steve Handy Chief Financial
Officer Tix Corporation (818) 761-1002
Tix (CE) (USOTC:TIXC)
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