About ILX - News Releases
ILX RESORTS SETTLEMENT APPROVED AND LITIGATION
PHOENIX, ARIZONA - July 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 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 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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