ILX Resorts Announces Filing of Bank Application for Rewards and Savings Program.

PHOENIX -- ILX RESORTS INCORPORATED (AMEX:ILX), a leading developer, operator and marketer of upscale flexible-stay vacation ownership resorts in the western United States, announced that it has filed a bank application with the Federal Deposit Insurance Corporation and the State of Arizona Department of Financial Institutions on behalf of an entity with which it is affiliated.

The application, which incorporates ILX's proprietary First Piggy rewards program, seeks approval to be an Arizona state bank. If approved, ILX intends to be a non-control shareholder of the bank.

"We are pleased to have taken this step towards the establishment of a financial institution which focuses on fostering savings by and for children through rebate and incentive awards, and encourages children to dream about and plan their futures," said Joe Martori, Chairman and CEO. He continued, "This mutually beneficial concept rewards both participating vendors and their loyal customers and ILX is enthusiastic about being a participant."

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 (currently being expanded), one in Colorado, one in San Carlos, Mexico, and land in Puerto PeSasco ("Rocky Point"), Mexico and Sedona, Arizona, both of which are in the final 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.