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UTIX out of business

post #1 of 11
Thread Starter 
UTIX went out of business. Does anyone have any info on how to redeem Ski cards still in your pocket. My guess is that I am sol.:
post #2 of 11
That's not good. I have 4 of those for next week...

post #3 of 11
Looks like the letter on the homepage sums it up. Sounds like you are SOL.
post #4 of 11
I don't understand how they can do that... If you've paid them for a card, aren't they somehow obligated to refund (at least some of) that money? I don't know how their operational model could cause them to have too many creditors, but I guess they'd have to be paid off before the customers would, right?

post #5 of 11
what was utix?
post #6 of 11
UTIX sold a card that could be redeemed as a 1-day lift ticket with no restrictions/blackouts at a lot of different ski areas, including a lot of the higher-end places. They had Level 1 and Level 2 cards based on the area. I think it was $70 or so for a Level 1, and another $15 for a Level 2. You could upgrade a Level 1 to a Level 2 online.

It was nice as a gift because it let the recipient choose where/when to ski. I was planning to use the ones I had for my group of 4 to ski Beaver Creek next Monday (on the holiday, when the Vail Resorts coupon I have from Amex is blacked out).

I used one previously at Stowe last December. Nice setup, but I guess it wasn't very profitable...

EDIT: I forgot... They did golf, too, but I think it had more levels. It would cover greens fees for 18 holes at a lot of different courses.

post #7 of 11
Thread Starter 
It was a great concept while it worked. Sort of like a gift card for skiers (and golfers) that didn't begin to lose value like store cards after 6 months. They were good year to year and if you didn't use all of the tickets with a ski season you could pay $10 to carry the card over. I guess the economic model was not viable.

I am looking into refunds, credits, etc. I will post my findings good or bad.
post #8 of 11
I'll guess that if they closed the doors, there are plenty of secured creditors and others with superior creditor standing in line before you.

Good luck.
post #9 of 11
Class Action law suit.
post #10 of 11
i ran a search on it and this is what i got. ive called vitale and am waiting for a call back..because i have 2 $60 golf cards and now i cant do anything with it. my suggestion would be chance it thats what im doing this weekend.

UTIX GROUP: Vitale Caturano Raises Going Concern Doubt
Vitale, Caturano & Company, Ltd., expressed substantial doubt
about Utix Group, Inc., fka Corporate Sports Incentives, Inc.'s
ability to continue as a going concern after it audited the
Company's financial statements for the years ended Sept. 30, 2005
and 2004. The auditing firm pointed to the Company's recurring
losses from operations, net working capital deficiency and
stockholders' deficit.

The Company's auditors can be reached at:

Vitale, Caturano & Company, Ltd.
80 City Square
Boston, Massachusetts 02129

Fiscal Year 2005 Results

Utix incurred a $9,960,585 net loss on $6,901,494 of revenue for
the fiscal year ended Sept. 30, 2005, in contrast to a $3,824,970
net loss on $2,264,862 of revenue in the prior year. The Company
attributes the 260% increase in net loss to:

-- approximately $3 million in non-cash operating, interest and
other expenses associated with warrant and option issuances;

-- high expenses related to a large redemption only contract;

-- $1 million in inventory provisions and fixed assets
write-downs; and

-- increased staffing, facilities and marketing costs.

At Sept. 30, 2005, the Company's balance sheet showed $2,579,234
in total assets and liabilities of $7,692,731, resulting in a
stockholders' deficit of $5,113,497. The company had a $3,919,868
working capital deficit as of Sept. 30, 2005.

Convertible Notes Default

Utix was in default on its 12% Convertible Notes as of Sept. 30,
2005. Subsequent to Sept. 30, 2005, the Company repaid $200,000
plus accrued interest on this note. From the date of default,
interest accrues at 15%.

To defer demand on $300,000 of these notes, the Company issued
additional warrants to purchase 2,400,000 shares at $0.125. These
warrants will expire in December 2007.

The holders of the remaining $810,000 in notes have agreed to
extend the maturity of their notes and to convert principal into
the next equity round of financing.

About Utix

Headquartered in Burlington, Massachusetts, Utix Group, Inc. --
http://www.utix.com/-- provides gift tickets to retail buyers and
corporations that are redeemable at golf courses, ski resorts,
spas, and movie theaters in the United States. The company's
products consist of recreation products, such as Utix Golf
Tickets, SwingPack, and Utix Ski Tickets; and leisure products,
including Utix Spa Ticket and Movie Ticket. It distributes its
products through prepaid manual plastic gift tickets to
corporations and other business users, as well as sells prepaid
magnetic strip gift tickets through mass merchandise retail
post #11 of 11
I got my two UTIX cards via the Thank You! Rewards Network of my credit card. I was going to use them to visit Squaw Valley this weekend. Just to make sure that Level 2 covers Squaw, i went to the UTIX website to double check it. I was so disappointed when i saw the message. I even called the 800 number to double check and sure enough it has the same message.

Anyhow, i decided to call the Thank You Network and the rep that i talked to was kind of giving me a hard time for holding on to the cards way too long. In the end, He said that they're aware of the situation and he just gave me an address to send the cards back and he said that he'll give me back the points that i used to redeem the tickets as soon as they receive the tickets. He even gave me a couple of thousand additional reward points for the inconvenience.

Still disappointed that i'm not going to be able to go for free but kinda glad i'm going to get my points back.

My suggestions:

If the UTIX SKI/GOLF card is from a reward network, just give the credit card reward networks a call.

If you purchase them UTIX cards using a credit card. Your credit company should be aware of the situation and will be able to issue you a credit.

If someone gave you the UTIX card, hunt that someone and ask them to give you a different one.
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