Tix Reaches Agreement with Major Shareholder

Discount ticket seller Tix Corp. will add three new members to its board of directors in an agreement with a major stockholder angling to gain control over the board. Studio City-based Tix has also agreed to nominate the three board members from Baker Street Capital L.P. to continue serving on the eight-member board at the company’s annual meeting later this year. Baker Street had planned to run its own slate of board directors at the annual meeting in an attempt to put Tix in a new direction. Tix sells discounted tickets to shows in Las Vegas and has a merchandising arm to set up retail shops in connection with traveling museum exhibits. Tix CEO Mitch Francis reached an agreement with Baker Street to extend and amend his employment agreement to include an incentive bonus based on consolidated free cash flow per share. The agreements between Tix and Baker Street are in the best interests of the company and stockholders, Francis said. “We now look forward to resuming our focus on the business of the company and devoting our full attention to the implementation of our strategic plan and delivering value to stockholders,” Francis said.