STUDIO CITY, CA, Aug. 05, 2019 (GLOBE NEWSWIRE) -- Tix Corporation (“Tix” or the “Company”) (TIXC), a leading provider of discount ticketing services, today announced that the 2019 annual meeting of stockholders (the “Annual Meeting”) will be held at 10:00 A.M., local time, on September 27, 2019, at Sportsmen’s Lodge Hotel, 12825 Ventura Boulevard, Studio City, California 91604. Stockholders of record as of the close of business on August 5, 2019, will be entitled to notice of and to vote at the Annual Meeting or any adjournments or postponements thereof.
The notice for the Annual Meeting, proxy statement setting forth the matters to be considered at the Annual Meeting and the 2018 annual report to stockholders will be available online at http://www.irdirect.net/TIXC/corporate_overview. If you are a stockholder as of the record date, regardless of whether or not you plan to attend the Annual Meeting in person, please vote as promptly as possible by marking, signing, dating and mailing the proxy card enclosed with the Annual Meeting information that you will receive by mail, in order to be certain your shares are represented at the Annual Meeting.
The Board of Directors of Tix (the “Board”) is constantly looking for ways to increase stockholder value and ensure the long-term, sustainable success of the Company. Part of this mission includes a continuous evaluation of the composition of the Board and identifying potential directors with the applicable skill sets and experience to benefit Tix, most notably expertise in ticketing, marketing, entertainment, travel and business experience in the Las Vegas market. Tix is extremely pleased to announce the addition of three highly qualified outside directors to the Board, Jordan Fiksenbaum, David Saxe and Mesfin Eyob (a brief biography of each is set forth below), to fill the three existing vacancies on the Board. These directors have deep knowledge and experience that fit squarely with Tix’s business, including entertainment, ticketing, marketing, travel and the Las Vegas market. The addition of Mesfin Eyob, President and CEO of Reservation Gateway Inc. will also help build upon and strengthen the partnership between Tix and Reservations Gateway Inc. in forming TixRez, LLC, which will provide online booking of activities throughout the world, driven by proprietary software. The addition of these three highly qualified individuals will help ensure the long-term success of the Company and we look forward to their valuable contributions to the Company.
Jordan Fiksenbaum has been working in the live entertainment industry for more than 25 years, participating in over $5 Billion of ticket revenue throughout his career, while serving in numerous senior management roles specializing in Sales and Marketing, Business and Strategic Planning, General Management, Event Programming and Operations. Previously, Mr. Fiksenbaum served as the Vice President of Marketing & Public Relations for the North American Resident Shows Division of Cirque du Soleil, overseeing the day-to-day Marketing, Sales and PR activities for nine resident shows. Mr. Fiksenbaum was responsible for the marketing programs for the sale of over 35 million tickets for approximately $3.8 billion in revenue.
David Saxe has 33 years of experience in the entertainment industry and is the owner of Las Vegas based entertainment company, David Saxe Productions, which operates two theaters at Planet Hollywood Resort: V Theater, offering more shows than any other venue in the city, and Saxe Theater. Mr. Saxe creates, writes, directs and currently produces 14 original large-scale stage productions such as VEGAS! THE SHOW voted “Best Show in the City” and specializes in the development and promotion of tenant shows, leveraging his relationships with industry insiders to help partners navigate the fiercely competitive entertainment landscape. Mr. Saxe is highly involved in the promotion of his shows, creating marketing campaigns, staging and ticketing. He has also served as an adjunct professor at UNLV, sharing knowledge of the showbusiness industry obtained from producing over 100 shows throughout the world during his career.
Mesfin Eyob is President/CEO and co-founder of Reservation Gateway Inc. and has held this position since 2005, with complete responsibility for the company’s day-to-day performance and long-term strategic direction. Established in 2001, Rezgateway is a leader in software for the travel industry, providing a one vendor solution to airlines, tour operators, travel inventory distributors, receptors, event planners and destination management companies. Previously, Mr. Eyob served in the roles of President and CFO over a period of 3 years for Apex CoVantage’s Middle East division. During his tenure, he successfully negotiated and concluded the company’s acquisition of a competitor in the publishing industry. Prior to that, Mr. Eyob was with Wachovia Bank for 18 years, holding senior positions, including Vice president for Business Banking and City Executive (President) of Loudoun and Prince William Counites in Virginia. Mr. Eyob is an expert in travel software, international tourism, operational business management and corporate banking/finance.
Tix is pleased to announce that the Board, upon recommendation of the Nomination and Governance Committee of the Board, has approved the nomination and submission of Jordan Fiksenbaum, David Saxe and Mesfin Eyob, as well as the remaining members of the Board, Mitch Francis, Aaron S. Bregman, Norman Feirstein, Andrew Pells and Steven Zelinger, to the stockholders of the Company for election to the Board at the Annual Meeting.
Attracting such highly qualified individuals to serve on our Board is yet another sign of Tix’s significant business momentum and confirmation of our strategy to create long-term, sustainable stockholder value. The significant achievements made over the past year have had an immediate positive impact on Tix’s overall performance and will continue to drive long-term, strong results for the Company. Tix is constantly searching for new drivers of revenue, such as the Company’s new business partnership with Reservation Gateway, operating as TixRez, that will sell and market activities from all over the world via its new online platform that has been in development for approximately three years.
Furthermore, management of Tix has significantly improved the Company’s performance, despite the challenging Las Vegas market conditions. The Company reported positive net income of $50,000 in the first quarter of 2019, compared to a net loss of ($717,000) in the prior year period. Cash flows from operations improved to $137,000 in the first quarter of 2019, compared to cash used in operations of ($639,000) in the prior year period, and the Company’s stock has increased approximately 200% this year since reporting the return of the MGM Cirque du Soleil shows and profitable operations. Management anticipates sequential quarterly improvement in operating income and cash flows throughout the remainder of this year.
Amendment to By-Laws
On August 5, 2019, the Board approved an amendment to the Company’s Second Amended and Restated By-Laws, effective as of August 5, 2019 (as amended and restated, the “Bylaws”). In accordance with Delaware law, the Bylaws were amended to remove the fee shifting bylaw provision originally adopted in 2015, which, if any current or prior stockholder or anyone on their behalf (“Claiming Party”) initiated or asserted any claim or counterclaim (“Claim”) or joined, offered substantial assistance to, or had a direct financial interest in any Claim against the Company and/or any director, officer employee or affiliate, provided the Company the opportunity to recover expenses incurred by it, as well as expenses incurred by its officers, directors, employees and/or affiliates (including legal fees), in connection with such Claim from any Claiming Party pursuing such Claim, if the Claiming Party did not obtain a judgment on the merits that substantially achieved, in substance and amount, the full remedy sought. The foregoing description of the Bylaws does not purport to be complete and is qualified in its entirely by reference to the full text of the Bylaws, a copy of which is available at www.tixcorp.com.
About Tix Corporation
Tix Corporation (TIXC) provides discount ticketing services. It currently operates nine 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.
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, 2018, can be found on the Company website at www.tixcorp.com or www.otcmarkets.com.
Steve Handy, CFO, (818)761-1002