STUDIO CITY, CA (CelebrityAccess MediaWire) — Tix Corporation announced that the Company, in conjunction with a group of private investors, acquired 1 million shares of the Company's common stock in a privately-negotiated transaction. This purchase is in addition to the 1.6 million shares that were previously purchased from the same private investor.
The Company's purchase was made under its previously-announced increased share repurchase authorization.
"We believe we have cleared up the overhang of distressed selling of our securities, while concurrently and opportunistically returning value to our shareholders through the repurchase of our common shares," said Mitch Francis, Chairman and CEO of Tix Corporation. "With our strong, debt-free balance sheet and operating cash flow, we will continue to make disciplined, strategic investments for sustainable profitability for our three divisions to capitalize on both organic and accretive opportunities for growth."
The timing and total amount of additional share repurchases will depend upon market conditions. The repurchases will be made in compliance with, and at such times as permitted by, federal securities law and may be suspended or discontinued at any time. –by CelebrityAccess Staff Writers