STUDIO CITY, Calif., July 18, 2006 (PRIMEZONE) -- Tix Corporation (OTCBB:TIXC) ("Tix" or the "Company") is pleased to announce that it has repaid in full its outstanding loans to Advantage Capital Corporation that were originally structured in the form of two convertible debentures with a face amount totaling $530,000.
Pursuant to an agreement between the parties, the Company made three principal reduction payments over a four-month period through July 1, 2006 aggregating $606,000, which included the required 20% redemption fee premium. The redemption fee premium was a negotiated provision to enable the Company to retire the debt and remove the lender's right to convert the debt into the Company's common stock. The lender previously converted $25,000 of the debt into common shares.
To fund the repayment of the debt, the Company utilized a combination of cash flow from operations and funds raised in its recent private placement.
Tix Corporation's wholly-owned subsidiary, Tix4Tonight, sells tickets for Las Vegas shows, concerts, attractions and sporting events at half-price, on the same day of the performance. Tix4Tonight has four prime ticket booth facilities, strategically placed at highly foot-trafficked locations in Las Vegas, Nevada. They include the Hawaiian Marketplace at the South end of the Strip, the Fashion Show Mall in front of Neiman Marcus, directly across the street from the new Wynn Resort at the middle of the Strip, North Strip, across from the Stardust Hotel, and a new downtown Las Vegas facility in the Four Queens Hotel, fronting onto the Fremont Street Experience.
For more information and answers to typical questions about how the Tix4Tonight service works, call 877-849-4868 or visit www.tix4tonight.com.
Cautionary Statement pursuant to Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995:
All statements in this news release that are not statements of historical fact are deemed to be forward-looking statements. 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. Many of these risks and uncertainties are identified in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements. This document is only for the general information of shareholders, potential investors and other interested parties, and is not to be construed as an offer to sell or the solicitation of an offer to buy any securities. The opinions expressed herein are the current opinions of management as of the date appearing on this document.