This story was updated at 10:32 a.m. EDT on Thursday, August 26, 2010, to reflect that the Ticket Evolution launch video was placed back on the company’s Web site.
Feeling some pressure over the decision not to refund money if the company fell short of its $4 million investment goal, broker-owned ticket exchange Ticket Evolution recently sought to clarify its stance on its financial situation.
In a statement released late last week on the company’s Web site, President Ram Silverman deflected criticism over the financing and stressed that all investors were given the choice to have their money returned to them.
No investors have expressed a desire to have their money returned, he stated, but the move is an unofficial acknowledgement that the company fell short of its $4 million fundraising goal, which the company had extended through Friday, August 13.
Company co-founder Steve Parry said in July that investors would receive their money back if they company did not reach the $4 million mark.
When contacted by TicketNews on August 13, Silverman declined to disclose how much the company raised, and he also would not offer details on how many investors had committed to the initiative, which officially launched in mid-July with a splashy presentation in Las Vegas.
“We have noticed quite a bit of chatter in the blogosphere about us not returning checks to investors and I can tell you for a fact that this is completely untrue,” Silverman wrote in his recent statement. “We have reached out to all those who chose to invest, with a modified offering. These investors had a choice to have their checks sent back or to leave it with us during the completion of the modified offering and so far not one investor requested their money back. I hope that clears this topic up.”
In the same letter, Silverman also announced a two-months-free promotion to lure brokers to list their tickets on the exchange.
Silverman was on vacation this week and could not be reached for comment. Fellow principals Parry and Drew Gainor did not reply to a message seeking comment.
Surprisingly, and with no explanation, the company also removed the three-hour launch presentation video from its Web site for a few days around August 23. In the video, the principals explained aspects of the company and its technology.
The video was back on the site by the morning of August 26. In an email to TicketNews, Gainor said the video was down because the company’s free Brightcove video trial had expired, and he needed a couple of days to find an alternative.