The Timeshare Beat Home | Today's Headlines | Back to Previous Page
|
The Timeshare Beat Home | Today's Headlines | Back to Previous Page |
|
|
|
Press Release: ILX Resorts Incorporated
July 29, 2005
PHOENIX, AZ -- ILX Resorts Incorporated (AMEX: ILX) a leading developer, operator and marketer of upscale flexible-stay
vacation ownership resorts in the western United States, announced yesterday the final court approval of a Settlement
Agreement and dismissal of litigation originally filed in September 2003.
On July 26, 2005, the Superior Court of the State of Arizona in and for the County of Coconino signed the final
order approving the Settlement Agreement dated March 30, 2005, which had been preliminarily approved by the Court
on April 21, 2005. In the Settlement Agreement, the company denied each and every one of the plaintiffs' allegations
of unlawful or wrongful conduct and injuries. The final Order Approving Settlement dismisses the litigation on
the merits, with prejudice, in favor of the company and against all members of the Settlement Class who did not
validly request exclusion from the Settlement Class and the case.
"While it has been disheartening that the company has had to bear the burden and expense of defending against
baseless litigation, we are nevertheless pleased to have the matter resolved and to focus on our future without
the distraction and cost of ongoing litigation," said Joe Martori, chairman and CEO. He continued, "We
are encouraged by the overwhelming support our vacation owners have demonstrated throughout the process and by
their more than 99 1/2% approval of the settlement. We appreciate their business and we look forward to continuing
to serve these loyal customers and to expanding this satisfied customer base as we grow."
ILX Resorts acquires, develops, and operates premier timeshare resorts primarily in the western United States that
provide its owners with extraordinary vacation experiences. ILX's portfolio of world-class properties includes
seven resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico, and land adjacent to an existing
resort in northern Arizona on which it has commenced construction. It also, through Premiere Vacation Club, has
acquired, and continues to acquire, inventory at the Carriage House in Las Vegas and in addition has acquired inventory
at the Scottsdale Camelback Resort in Scottsdale, Ariz. For more information, visit www.ilxresorts.com.
This news release may include "forward-looking statements." Forward-looking statements are based on current
expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted
or quantified and many of which are beyond the company's control. Actual results could differ materially from these
forward-looking statements as a result of a number of factors, including but not limited to, economic conditions,
the company's need for additional financing, intense competition in various aspects of its business, the risks
of growth, its dependence on key personnel, pending litigation and other risks detailed in ILX's Securities and
Exchange Commission reports. Given these risks and uncertainties, investors are cautioned not to place undue reliance
on such forward-looking statements and no assurances can be given that such statements will be achieved. ILX Resorts
Incorporated does not assume any duty to publicly update or revise the material contained herein.
--------------------------------------------------------------------------
Contact:
ILX Resorts Incorporated, Phoenix
Joseph P. Martori or Margaret Eardley, 602-957-2777
Source: ILX Resorts Incorporated