LOS ANGELES, July 27, 2011 /PRNewswire/ -- Baker Street
Capital, L.P. announced today that it has reached a resolution to
its election contest with Tix Corporation (OTCQX: TIXC),
(PINKSHEETS: TIXC). Baker Street is the largest stockholder
of Tix.
Under the terms of the agreement, Tix has expanded its Board of
Directors from five to eight directors and has appointed three
designees selected by Baker Street (Vadim
Perelman, Kenneth H. Traub
and Mark D. Stolper) to the Board.
The size of the Board will not exceed eight directors prior to the
2015 Annual Meeting of Stockholders. Tix has agreed to
nominate and recommend the same three designees for election to the
Board at the 2011 Annual Meeting of Stockholders. Baker
Street has withdrawn its separate nomination of five candidates for
election to the Board of Directors, but will have a right to
designate up to three nominees for election to the Board at each of
the 2012, 2013 and 2014 Annual Meetings of Stockholders, provided
it maintains certain minimum stock ownership levels.
Baker Street has also agreed to vote in favor of all the
directors nominated by the Board at each Annual Meeting of
Stockholders through 2015. Baker Street will be subject to
certain standstill restrictions through the date immediately
following the 2015 Annual Meeting of Stockholders. Baker
Street agreed to dismiss its Delaware action relating to its request for
certain of the Company's books and records. Finally, Baker
Street and Tix have agreed to mutual releases of claims.
Vadim Perelman, Managing Member
of Baker Street Capital Management, LLC, commented "We are pleased
to have reached an amicable resolution with Tix and with the
appointment of three of our highly-qualified designees to the Tix
Board." Mr. Perelman added, "Ken
Traub, Mark Stolper and I are
committed to working diligently with the management team and our
fellow Board members towards our shared goal of maximizing value
for all stockholders."
ABOUT BAKER STREET CAPITAL, L.P.
Baker Street Capital, L.P. is a value-focused investment fund
modeled after the partnerships managed by Warren Buffett from 1956 to 1969. Baker
Street Capital, L.P. is headquartered in Los Angeles, California.
SOURCE Baker Street Capital, L.P.
