Tix Corporation Obtains $4 Million Secured Term Loan
May 15 2014 - 4:00PM
Marketwired
Tix Corporation Obtains $4 Million Secured Term Loan
STUDIO CITY, CA--(Marketwired - May 15, 2014) - Tix Corporation
(the "Company") (OTCQX: TIXC), a leading provider of discount
ticketing services, announces that it has entered into a secured
term loan with U.S. Bank, for $4.0 million ("Debt").
The Debt will be repaid over 36 months and bears an interest
rate of prime plus 1.25% annually and has no prepayment
penalty. The debt is secured by the majority of the assets of
the Company and its subsidiary and is subject to certain
covenants. Proceeds from the Debt will be used to pay in full
its existing note payable to Baker Street Capital L.P. for $3.7
million. The remaining proceeds will be used for general
working capital purposes.
Mitch Francis, Chief Executive Officer of the Company, stated,
"We are very pleased to announce the completion of our financing
transaction. We have successfully replaced our existing secured
note maturing on December 24, 2014 with new Debt carrying a
significantly lower interest obligation that also lengthens the
maturity of our debt. We considered several alternatives that were
available to us and ultimately determined that U.S. Bank's facility
gives our Company the most flexibility and cost savings," he
added.
About Tix Corporation
Tix Corporation (OTCQX: TIXC) provides discount ticketing
services. It currently operates eleven discount ticket stores in
Las Vegas under its Tix4Tonight marquee, which offers up to a 50
percent discount for same-day shows, concerts, attractions and
sporting events, as well as discount reservations for dining.
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 the
expected operations and sales, potential improvements in consumer
spending in Las Vegas, and 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 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, 2013 can be found
on the Company website at www.tixcorp.com or at www.otcqx.com.
Contact: Steve Handy CFO 818-761-1002
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