Lasergate Systems, Inc. Announces Merger Agreement With Tickets.com, Inc.
CLEARWATER, Fla.--(BUSINESS WIRE)--June 24, 1999--Lasergate Systems, Inc. (LSi) (OTC BB:LSGT) today announced a definitive merger agreement with Tickets.com, Inc., a ticketing services and software company based in Newport Beach, California.
Under the terms of the agreement, which has been approved by the LSi board of directors, a wholly-owned subsidiary of Tickets.com will acquire all outstanding shares of LSi common stock for $0.10 per share in cash. Tickets.com has acquired the outstanding preferred stock of LSi in a separate transaction. In addition, Tickets.com has agreed to provide $1.0 million of interim financing to Lasergate. Completion of the merger is subject to the approval by LSi shareholders. The transaction is expected to be completed in the fourth quarter of 1999.
Jacqueline Soechtig, is pleased to announce that David A. Riley is joining LSi as president and chief executive officer. "Mr. Riley brings a great deal of experience to LSi and will be instrumental in the future success of LSi." says Soechtig. Riley was most recently president of CoreData, Inc., a software company based in Phoenix, Arizona. Prior to CoreData, Riley was founder and president of Sunland Computer Services, Inc. located in Phoenix, Arizona.
In addition, LSi announced that in connection with this merger, Riley and Steve Noble, an independent consultant, have been appointed directors. Following their appointment, the three previously existing Board Members, including Soechtig, resigned their positions.
"On behalf of Tickets.com, I want to thank the management and board of directors of LSi for their cooperation and support in reaching this merger agreement," said W. Thomas Gimple, president and chief executive officer of Tickets.com. "We believe that the LSi technology will play an important role in our long-term strategy of providing a broad range of highly sophisticated automated ticketing solutions to a worldwide network of entertainment organizations."
"This merger has very positive implications for LSi customers and the entertainment ticketing industry overall." Said Soechtig. "We are confident that LSi's blue-chip customer base will continue to be supported in a manner that will ensure their success. At the same time, we will now have the opportunity to contribute our resources to the growth of the industry's fastest growing provider of live-entertainment ticketing technology and services."
Lasergate Systems, Inc.
LSi designs, develops, markets, sells and services software and systems for admission control and revenue accounting at general admission and reserved seating facilities worldwide, including amusement parks, theme parks, museums, ski resorts, sports arenas and multi-purpose arenas. The company's clients include Miami City Ballet, the Art Gallery of Ontario, Sun Valley Resort and World of Coke.
About Tickets.Com
Tickets.com is a leading source of entertainment tickets, event information and related products and services. The company sells tickets through retail outlets, call centers, interactive voice response systems and the Internet. At www.tickets.com, consumers can obtain information on thousands of events and entertainment organizations, purchase tickets and shop for related products and services. Tickets.com's automated ticketing solutions are used by over 3,800 entertainment organizations such as leading performing arts centers, professional sports organizations and various stadiums and arenas in the U.S., Europe, Australia and Latin America.
CONTACT:
Lasergate Systems, Inc.
David A. Riley, 727/803-1574
KEYWORD: FLORIDA CALIFORNIA
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