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ILX RESORTS COMPLETES ACQUISITON OF RANCHO MANANA INVENTORY
PHOENIX, ARIZONA - July 7, 2004 - 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 completed its acquisition of 988 two-bedroom intervals (19 units) and available land for a minimum of an additional 20 units (1040 intervals) at Rancho Manana Resort in Metropolitan Phoenix.
“With the acquisition now complete, we anticipate annexing the Rancho Manana inventory to Premiere Vacation Club early in the third quarter 2004. The annexation will provide members a second location in the Valley of the Sun, adding to the Scottsdale Camelback inventory purchased earlier this year and annexed in May. It is also our intention to commence the construction of additional units at Rancho Manana, as well as to develop inventory on our land in Pinetop, Arizona in the second half of 2004,” said Joe Martori, Chairman and CEO of ILX.
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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