Tix Corp. Leaving NASDAQ Exchange

Entertainment company Tix Corp. will remove itself from the NASDAQ Stock Market, a move the company says will save money and allow executives to focus on growth. The Studio City-based discount ticket seller, live event producer and merchandiser is expected to see a $1 million savings once it delists and no longer needs to make required federal filings. The burden of required financial reports and following Sarbanes-Oxley accounting procedures has become too expensive for a small company like Tix, said Chairman and CEO Mitch Francis. Moving to the Over the Counter exchange will allow the company to re-invest resources for growth and profitability, Francis said. The Over the Counter marketplace still requires disclosure of annual audited financial statements, unaudited quarterly financial statements and current information pertaining to material events. Tix expects the last day of trading of its stock on the NASDAQ to be in late October.