Further Validation of the Company's Value Offerings
Cross Promotion Strategy Continues to Support Strong Overall
Discount Ticket Sales
STUDIO CITY, Calif., Jan. 5, 2009 (GLOBE NEWSWIRE) -- Tix Corporation (Nasdaq:TIXC), a leading integrated entertainment company providing discount and premium ticketing services, event and branded merchandising, and production/promotion of live concert and theatrical events, today announced that during 2008, the Company sold more than 250,000 discount dinner reservations to Las Vegas area restaurants.
"The growth of our discount dinner reservation business is further evidence of the value proposition that we provide consumers, which is so important in the current economic environment," stated Mitch Francis, President and CEO of Tix Corporation. "We believe that the achievement of key operational objectives, such as the sale of over one million tickets to Las Vegas shows, concerts, attractions and sporting events in 2008 and our recently announced co-branded website with a major big box retailer to offer events nationwide, is evidence of our focus on making Tix Corporation a great company."
In 2008 the number of discount dinner reservations sold by Tix4Tonight to Las Vegas area restaurants increased 107% over 2007 and the related commissions and fees earned on gross dinner reservations increased 165% for the same period. Sales benefitted from increased demand and the Las Vegas visitor's quest for a value proposition. In addition to offering half price, same day, dinner reservations at approximately 30 Las Vegas area restaurants, the Company's Ticketing Services subsidiary, Tix4Tonight, also sells discounted tickets to Las Vegas shows and events, and discount golf reservations.
"By offering half price dinner reservations to our customers at the same locations where they book discount show and event tickets, we are able to leverage our six Las Vegas discount ticket sales locations and staff," commented Kimberly Simon, Chief Operating Officer. "Cross promotion between our products is a cornerstone of our business strategy, and we believe our value-added discount dinner reservations will continue to support strong overall discount ticket sales."
About Tix Corporation
Tix Corporation is an integrated entertainment company providing discount and premium ticketing services, event and branded merchandising, and production/promotion of live concert and theatrical events. It currently operates six prime locations in Las Vegas under the Tix4Tonight marquee -- offering up to a 50 percent discount for same-day shows, concerts, attractions and sporting events. It also offers discount reservations for golf and dining at its sales locations in Las Vegas. The Company also offers premium tickets to concerts, theater and sporting events throughout the United States under its Tix4AnyEvent.com brand. Its Exhibit Merchandising operation is engaged in branded merchandise development and sales activities related to museum exhibitions and other events -- including the King Tutankhamun and Real Pirates tours, selling themed souvenir memorabilia and collector's items in specialty stores in conjunction with the specific events and venues. The Company's newest division, Tix Productions, is dedicated to live concert and theatrical promotion and production throughout the United States, Canada and Europe and operates under the banners of its recent acquisitions, Magic Arts and Entertainment and NewSpace Entertainment.
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. 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 filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements.