Meridian Financial Services, Inc. Completes Acquisition of Resort Management International...
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Meridian Financial Services, Inc. Completes Acquisition of Resort Management
International From EMCC, Inc.
ASHEVILLE, N.C., June 30, 2009 (GLOBE NEWSWIRE) -- Meridian Financial Services,
Inc., a subsidiary of Interval Leisure Group, Inc. (Nasdaq:IILG), today
announced that it has acquired substantially all of the assets of Resort
Management International (RMI). Operated by EMCC, Inc., Mobile-based RMI offers
collections solutions to the vacation ownership industry. Terms of the
transaction were not disclosed.
"This acquisition provides us with opportunities to expand Meridian's customer
base domestically and internationally," said Greg Sheperd, president of Meridian
Financial Services. "We look forward to working with members of RMI's seasoned
team, to leverage our infrastructure, create operating synergies, and grow our
financial services business."
About Meridian Financial Services
Meridian Financial Services, Inc. is a third-party collection agency that has
provided industry-related services for more than 20 years to resort developers,
property management companies, and homeowner's associations. Meridian is
headquartered in Asheville, North Carolina, and has offices in Las Vegas,
Nevada, and Mobile, Alabama. The company is a subsidiary of Interval Leisure
Group, a leading global provider of membership and leisure services to the
vacation industry.
About EMCC, Inc.
Founded in 1978, EMCC, Inc. provides complete accounts receivable management
solutions to clients throughout North and South America. In addition to its
extensive debt purchasing activities, the company also provides world class loan
servicing capabilities through its subsidiary Equiant Financial Services, Inc.
and valuation services to a wide array of financial sponsors for in-depth
reviews of accounts receivable portfolios. EMCC is headquartered in Scottsdale,
Arizona, and is an affiliate of the Schottenstein Stores Corporation, one of the
country's largest retail conglomerates.
Forward-Looking Statements
This press release contains "forward looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended, relating to: our
future financial performance, our business prospects and strategy and other
similar matters. These forward looking statements are based on management's
current expectations and assumptions about future events, which are inherently
subject to uncertainties, risks and changes in circumstances that are difficult
to predict. Actual results could differ materially from those contained in the
forward looking statements included herein. Accordingly, you should not place
undue reliance on these forward-looking statements, which only reflect the views
of our management as of the date of this press release. Except as required by
applicable laws, we do not undertake to update these forward-looking statements.
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CONTACT: Interval Leisure Group
Investor Contact:
Investor Relations
Jennifer Klein
305-925-7302
Jennifer.Klein@iilg.com
Media Contact:
Corporate Communications
Christine Boesch
305-925-7267
Christine.Boesch@intervalintl.com
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