Business
Tix Corporation is Strongly Urging Stockholders to Disregard Any Communications You Receive From Haren Bhakta and HSB Capital Partners, L.P.
Tix Corporation is Strongly Urging Stockholders to Disregard Any Communications You Receive From Haren Bhakta and HSB Capital Partners, L.P..
About this update from Tix Corporation
[{"type":"text","content":"\nSTUDIO CITY, CA, July 05, 2019 (GLOBE NEWSWIRE) -- Tix Corporation (“Tix” or the “Company”) (OTCQX: TIXC)\n You may be contacted by, receive a letter from or see a press release made by a dissident stockholder, Haren S. Bhakta or his fund HSB Capital Partners, L.P. (“HSB”), announcing an intention to nominate individuals to our board of directors.  Tix Corporation (“Tix”) urges you to disregard communications and materials from Mr. Bhakta, HSB or their affiliates.  During the past two years, Tix has been forced to expend valuable resources defending itself and its stockholders from Mr. Bhakta’s destructive actions, which, as detailed below, have included harassment of Tix employees, interference with Tix’s business, and other dubious behavior.  Mr. Bhakta now seeks to nominate himself and other unqualified individuals for election to the Tix board of directors at the 2019 annual meeting of stockholders.  Tix previously notified HSB that its notice purporting to nominate Mr. Bhakta and these other unqualified individuals is incomplete and deficient pursuant to our bylaws.  Tix therefore wishes to advise stockholders that because of the aforesaid deficiencies, any proxy or vote with respect to HSB’s nominees, including Mr. Bhakta, may not be counted at our 2019 annual meeting of stockholders. Tix anticipates that the 2019 annual meeting of stockholders will be held in September, where stockholders will be asked to vote upon the election of directors to the board as well as ratifying the selection of an auditor for the fiscal year. Tix Returns to ProfitabilityManagement Continues to Cut Expenses and Raise Revenue Separate and apart from the destructive actions previously conducted by Mr. Bhakta, Tix is pleased to announce that current management has made tremendous improvements despite the challenging Las Vegas market conditions.  After a period of prolonged and tough negotiations, management was able to resume selling tickets to the MGM Cirque du Soleil shows and create a new, stronger working relationship with MGM as well as Cirque du Soleil.  As a result of the efforts outlined above, as well as other actions taken by management, the Company has generated positive Adjusted EBITDA for eight of the last nine months including the ...