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Tix Corporation Announces Adoption of Employee Stock Ownership Plan and Amendment to Stockholder Rights Agreement(December 16, 2011)
STUDIO CITY, CA -- (Marketwire) -- 12/16/11 -- Tix Corporation (the "Company" or "Tix") (OTCQX: TIXC) (PINKSHEETS: TIXC), a leading entertainment company providing discount ticketing services and branded event merchandising, announced that on December 16, 2011, the Company adopted the Tix Corporation Employee Stock Ownership Plan (the "ESOP"), effective as of January 1, 2011, for the benefit of the Company's eligible employees.
The primary purpose of the ESOP is to provide participating employees with the opportunity to share in the growth of the Company, to accumulate capital for their future economic security, and to acquire beneficial stock ownership interests in the Company. The ESOP is a stock bonus plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the "Code"), and an employee stock ownership plan under Section 4975(e)(7) of the Code and Section 407(d)(6) of the Employee Retirement Income Security Act of 1974, as amended. The ESOP is administered by the Company and a board of trustees as designated under the terms of the ESOP and related trust agreement.
The Company also announced today that on December 16, 2011, its stockholder rights agreement, dated April 1, 2011, was amended following adoption by its Board of Directors of such amendments. The amendments generally clarify certain provisions regarding, among other things, employee stock ownership plans, persons exempt and grandfathered under the agreement and persons acting in concert for purposes of the rights agreement. A copy of the amended rights agreement is posted on the Company's website at www.tixcorp.com.
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.
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