About ILX - News Releases
ILX RESORTS ANNOUNCES STRATEGIC ALLIANCE
PHOENIX, ARIZONA - July 24, 2003 - 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 an agreement in principle with Parmatour S.p.A. to enter into a strategic alliance to maximize the existing synergies between the companies and create expanded opportunities for the growth of both companies in the travel and leisure industry. It is anticipated that ILX Resorts and Parmatour will each participate in the ownership and management of the other on terms to be subsequently announced.
"Parmatour, a holder of major brands, tourist facilities and travel programs worldwide, will complement many of our existing and anticipated vacation ownership and hotel endeavors while strengthening and reaffirming our respective presences in the travel and leisure industry worldwide," said Joe Martori, Chairman and CEO of ILX Resorts. "Our alliance presents unique opportunities for each company to capitalize upon and grow its existing business models and pursue certain heretofore untapped markets for our products and services."
Parmatour was founded in January 2003 to reorganize, succeed to and expand upon the travel and leisure businesses associated with the following well established European brands: Club Vacanze; Comitours; Going; Chiariva; Sestante and Last Minute Tour. "ILX` experience and expertise will enhance Parmatour`s recognition as a leader in travel and leisure services in Italy and will support our expansion plans into other markets like North America," expressed Romano Bernardoni, President of Parmatour S.p.A.
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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