STUDIO CITY, CA--(Marketwired - Dec 24, 2013) - Tix Corporation (the "Company") (
Under the agreement, Baker Street will be subject to certain restrictions, including standstill restrictions and, for a period of five years, covenant not to compete with the Company or interfere with its business in Las Vegas. Baker Street and the Company have also agreed to mutual releases of claims. Pending the payment in full of the Anniversary Payment and interest thereon, the Company has also agreed to conduct its business in the ordinary course, consistent with past practice, and to be subject to various restrictions on its activities, including, subject to certain exceptions, distribution of dividends, acquisition of securities or assets, incurrence of indebtedness, material increase of the terms of compensation or benefits of directors or executive officers, settlement of existing legal proceedings, capital expenditures, or entry into certain contracts.
At the closing of the transaction, Vadim Perelman, Mark Stolper and Kenneth Traub (who were members of the Board of Directors of the Company and nominated by Baker Street) have resigned from the Board and the Board now comprises of its remaining five members. In addition, Baker Street and the Company have terminated their agreement previously announced by the parties on July 27, 2011.
About Tix Corporation
Tix Corporation (
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 reports for the twelve months ended December 31, 2012 and the three and nine months ended September 30, 2013 can be found on the Company website at www.tixcorp.com or at www.otcqx.com.