Tix Corporation Receives Letter From Mitch Francis Withdrawing His Proposal to Acquire the Company
June 29 2012 - 8:00AM
Marketwired
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.
Contact: Steve Handy CFO 818-761-1002
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