Business
TIX CORPORATION AND VEGAS.COM SETTLE THEIR LITIGATION
TIX CORPORATION AND VEGAS.COM SETTLE THEIR LITIGATION.
About this update from Tix Corporation
[{"type":"text","content":"TIX CORPORATION AND VEGAS.COM SETTLE THEIR LITIGATION;-TIX HAS ACQUIRED THE ASSETS OF VEGAS.COM’S SUBSIDIARY, VEGASTIX4LESS;-VEGAS.COM LICENSED TIX’S DISCOUNT TICKET DISTRIBUTION PATENT;-TIX AND VEGAS.COM INTEND TO PURSUE PROJECTS TOGETHER; Studio City, CA, February 24, 2011 -- Tix Corporation (the “Company”) (OTCQX: TIXC) announced today that it and Vegas.com have settled all litigation between each other. Tix Corporation acquired the assets of Vegas.com’s subsidiary, VegasTix4Less, LLC, a discount ticket broker with facilities in Las Vegas, Nevada. Vegas.com licensed Tix Corporation’s United States patent covering the distribution of discount tickets. The parties have agreed to work together to identify additional opportunities to serve Las Vegas tourists. Tix Corporation paid $2,000,000 for the VegasTix4Less assets, with an additional $2,000,000 to be paid over the next eight years. Mitch Francis, CEO of Tix Corporation, said, “The outcome of this settlement put an end to costly litigation; procured a valuable acquisition; licensed our patent; and established an excellent working relationship with Vegas.com. This is precisely our mandate, which is to focus our capital and energies within our core business to enhance our cash flows and shareholder value.” About TIX CorporationTix Corporation (OTCQX: TIXC) is an entertainment company providing discount ticketing services and branded event merchandising. It currently operates eleven discount ticket stores in Las Vegas under its Tix4Tonight marquee, and offers up to a 50 percent discount for same-day shows, concerts, attractions and sporting events, as well as discount dining reservations. The Company's Exhibit Merchandising operation is engaged in branded merchandise development and sales activities related to museum exhibitions and other events, including the King Tutankhamun, Cleopatra and Real Pirates tours, and selling themed souvenir memorabilia and collectors’ items in specialty stores in conjunction with the specific events and venues. About VEGAS.comVEGAS.com is the largest city destination travel website in the world with extensive, constantly updated information and a full range of travel products including hotel rooms, air-hotel packages, show tickets, t...