About ILX - News Releases
ILX RESORTS AND JAMES BRUNO ENTERPRISES TO TEAM UP IN SEDONA
Phoenix, Arizona - June 28, 2005 - ILX Resorts Incorporated (AMEX:ILX) a leading developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the western United States, announced today that it has reached a preliminary understanding in principle with James Bruno Enterprises LLC, a Chandler, Arizona based investor group, for the development of a 21 acre parcel of real property in Sedona, Arizona to be acquired from the U.S. Forest Service.
“We are excited about the prospects for the development of this Sedona real estate and look forward to assembling a world-class team to proceed with the planning and implementation of a highly desirable and visible endeavor on property adjacent and proximate to our Los Abrigados Resort in Sedona,” said Joe Martori, Chairman and CEO of ILX. “We would hope to have definitive agreements with the Bruno group by the end of August and more specific concepts and plans in the fourth quarter 2005,” Martori continued.
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 eight resorts in Arizona, one in Indiana, one in Colorado, one in San Carlos, Mexico and land in Puerto Peñasco ("Rocky Point"), Mexico and Sedona, Arizona, both of which are in the early planning stages. 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, Arizona. For more information, visit: www.ilxresorts.com.
For more information, contact Joseph P. Martori, Chairman or Margaret Eardley, Chief Financial Officer, at 602-957-2777.
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, 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.
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