Tix Corporation Commences Strategic Review Process
Tix Corporation (OTCQX: TIXC) announced on October 19, 2020, a review of strategic alternatives, including a potential sale, aimed at maximizing stockholder value. The review will be led by a special committee appointed by the Board of Directors. While there have been indications of interest for acquisition, no formal offers have been received. The Company, which suspended operations in March 2020 due to COVID-19, is monitoring the Las Vegas market for potential reopening but has not set a timetable for its strategic review process.
- Initiation of a strategic alternatives review to maximize stockholder value.
- The Board of Directors received indications of interest for potential acquisition.
- No formal letters of intent or term sheets have been received for acquisition.
- Suspension of operations since March 2020 due to COVID-19, affecting revenue.
LAS VEGAS, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC), a leading provider of discount ticketing services, today announced it will commence a review of its strategic alternatives, including a potential sale of the Company. This process is part of the ongoing effort by the Board of Directors of the Company to maximize stockholder value. The review will be led by a special committee of the Board of Directors to which the Board delegated authority and power to conduct such process.
In recent months, the Company and Board have received indications of interest about the potential acquisition or sale of control of the Company, but no letters of intent or term sheets have been received.
The Company has not set a formal timetable for this process, nor has it made any decisions related to strategic alternatives at this time. While the Company is pursuing strategic alternatives and will consider any indications of interest or offers that it may receive, there is no assurance that the process will result in a transaction. The Company does not expect to make additional public comment regarding this process until a specific transaction is approved or recommended by the committee or the committee otherwise concludes the process.
About Tix Corporation
Tix Corporation (OTCQX: TIXC) provides discount ticketing services. Due to COVID-19, the Company suspended its operations in March 2020, which included the closure of its seven discount ticket stores in Las Vegas under its Tix4Tonight marquee and its online ticket sales site, www.tix4tonight.com, which offers up to a 50 percent discount for shows, concerts, attractions, and tours, as well as discount dining and shopping offers. The Company continually monitors the Las Vegas marketplace to determine when and if it will be able to commence operations again.
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. Forward-looking statements include, but are not limited to, statements about our future revenues and financial position. 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 filings with the OTC Markets. The Company assumes no obligation to update these forward-looking statements. A copy of the Company’s reports for the twelve months ended December 31, 2019 can be found on the Company website at www.tixcorp.com or at www.otcmarkets.com.
Contact:
Steve Handy
Chief Financial Officer
Tix Corporation
818-761-1002
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