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Tix Corporation Receives Letter From Mitch Francis Withdrawing His Proposal to Acquire the Company(June 29, 2012)
STUDIO CITY, CA -- (Marketwire) -- 06/29/12 -- Tix Corporation (the "Company") (OTCQX: TIXC) (PINKSHEETS: TIXC), a leading entertainment company providing discount ticketing services and branded event merchandising, today announced that the Special Committee of its Board of Directors has received a letter from Mitch Francis, the Company's Chairman of the Board, President and Chief Executive Officer, withdrawing his previously announced proposal to acquire all of the outstanding shares of common stock of the Company not already owned by Mr. Francis for $2.25 per share in cash. Mr. Francis' offer had been subject to a number of conditions, including, among other things, (i) obtaining financing for the proposed transaction on satisfactory terms and (ii) the negotiation and execution of a definitive acquisition agreement on mutually acceptable terms. These issues were ultimately not able to be agreed upon, which did not permit the transaction to proceed.
Houlihan Lokey Capital, Inc. had been engaged by the Special Committee to assist the Special Committee in reviewing the Company's strategic alternatives. Rick Lacher and Lee Ann Gliha of Houlihan Lokey will be assisting the Special Committee with this matter. Houlihan Lokey is an international investment bank with expertise in mergers and acquisitions, capital markets, financial restructuring, and valuation. The Special Committee, which consists of two directors, Sam Georges and Mark Stolper, had been appointed by the Company's Board of Directors to evaluate Mr. Francis' proposed transaction and to analyze the Company's other strategic alternatives.
About Tix Corporation
Tix Corporation (OTCQX: TIXC) is an entertainment company providing discount ticketing services and event and branded merchandising. It currently operates ten 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 historical filings with the Securities and Exchange Commission and, since November 2010, the Company's filings with 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, 2011 can be found on the Company website at www.tixcorp.com or at www.otcqx.com.
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