PHOENIX, ARIZONA – March
10, 2009 ‑ ILX RESORTS INCORPORATED (NYSE Alternext: ILX) a leading
developer, operator and marketer of upscale flexible‑stay vacation ownership resorts
in the western United States, announced that the Company received a letter from
NYSE Alternext (“the Exchange) on March 6, 2009 indicating the Exchange’s
intent to suspend trading and delist the Company’s common stock.The Exchange has determined the Company is
not in compliance with Section 1003(a)(iv) of the Company Guide due to its
recent filing of Chapter 11 under the U.S. Bankruptcy Code and Section 1002(b)
due to low market capitalization of the common stock.The Company does not intend to appeal the determination.The Company plans to apply to be quoted on
the Pink Quote system.
For more information about the Company, visit:
www.ilxresorts.com.
Forward-Looking Statements; Risks and Uncertainties
Statements contained in this document that disclose
the Company’s or management’s intentions, expectations or predictions of the
future are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995.The Company cautions that these statements involve risks and
uncertainties and other factors that may cause results to differ materially
from those anticipated at the time such statements are made.For example, future results, performance and
achievements may be affected by the impact of today’s announcement on our
operations, the ability to continue as a going concern, the ability to obtain
court approval of our motions in the
Chapter 11 proceedings, our ability to develop, pursue, confirm and consummate
one or more plans of reorganization with respect to the Chapter 11 cases, our
abilityto obtain and maintain normal
terms with vendors and service providers, our ability to attract and retain customers,
our ability to provide financing to purchasers of vacation ownership interests,
the performance of our portfolio of consumer notes receivable, our ability to
successfully implement our strategic, operational and marketing plans, general
economic conditions, availability of capital in the financial markets, the
impact of war and terrorist activity, business and financing conditions,
governmental and regulatory actions, the cyclicality of the vacation ownership
industry, relationships with key employees and our ability to attract and
retain employees , domestic and international political and geopolitical conditions,
competition, downturns in leisure travel patterns, risk associated with the
level and structure of our indebtedness, and other circumstances and
uncertainties.We believe the
expectations reflected in such forward-looking statements are based upon
reasonable assumptions, but we can give no assurance that our expectations will
be attained or that results will not materially differ.We undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result of new information,
future events or otherwise.<< Return to list
