A Return to Positive Cash Flow
A Return to Selling Cirque Du Soleil Shows
STUDIO CITY, CA, March 05, 2019 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (TIXC), a leading provider of discount ticketing services, is today providing an update to investors as follows:
- CIRQUE DU SOLEIL, THE PREMIER ENTERTAINMENT OFFERING IN LAS VEGAS, IS BACK AT TIX4TONIGHT. On December 2, 2018, the Company’s Tix4Tonight Las Vegas booths resumed selling MGM Resorts resident Cirque du Soleil shows, which for a period had only been offered on the Company’s website.
- LETTER AGREEMENT WITH MGM RESORTS INTERNATIONAL & CIRQUE DU SOLEIL. On March 1, 2019 the Company entered into a Letter Agreement with MGM Resorts International (“MGM Resorts”) and Cirque du Soleil (“Cirque”) which sets forth terms and conditions for the Company to sell Cirque, Blue Man Group and MGM Resorts Headliner tickets at its booths in Las Vegas and online. Although the Agreement term is for five years, it contemplates a subsequent agreement that may further alter and define the relationship between the Parties. The Letter Agreement also contains various termination rights for MGM Resorts and Cirque including due to certain events of default or change of control of the Company.
- CASH FLOW & EBITDA IS BACK. Q4 2018 saw the Company return to positive adjusted EBITDA and cash flows as a result of the successful execution of its growth and cost reduction initiatives. This achievement occurred prior to Tix4Tonight’s resumption of selling tickets for the Cirque shows.
- BOOTHS. Tix4Tonight recently opened its newest booth at the Las Vegas North Premium Outlets and its new pop-up ticket desk concept within the Gray Line tours facility. The Tix4Tonight booth in the 4 Queens closed after many years to make room for the casino’s redesigned gaming floor.
- EXPEDIA. On January 6, 2019, the Company terminated its agreement with Expedia Local Expert primarily because it was no longer financially attractive for the Company.
- NEW BUSINESS. The Company continues to focus on improving its operating performance and is in discussions with several parties to improve our presence in Las Vegas, as well as diversifying outside of our traditional business and geographic markets.
The Company expects to publish its Q4 2018 and annual earnings release in the coming weeks.
About Tix Corporation
Tix Corporation (TIXC) provides discount ticketing services. It currently operates ten discount ticket stores in Las Vegas under its Tix4Tonight marquee and two online properties www.tix4tonight.com and www.tix4.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 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, 2017, can be found on the Company website at www.tixcorp.com or www.otcmarkets.com.
Steve Handy, CFO, (818)761-1002