Equiant Financial Services Inc. Acquires Sage Systems, Inc.

Scottsdale, AZ, January 1, 2005 - Equiant Financial Services Inc. (Equiant) announces that we have purchased the assets of Sage Systems, Inc. Sage Systems is an affiliate of Miami-based Interval International. Sage Systems, located in Bellevue, WA, is a provider of receivables servicing to the vacation ownership, campground, and land sales industries in the United States and Canada. Terms of the acquisition were not disclosed. Equiant is a wholly owned subsidiary of EMCC, Inc., a global receivables management company headquartered in Pembroke, MA.

"We are very pleased to add Sage as a logical expansion of our servicing presence in the resort and timeshare industry," said Cindy Cain, President of Equiant."The acquisition of Sage represents a strategic opportunity to further expand our commitment to this growing industry."

Stacey Schacter, CEO of EMCC adds, "We view the acquisition of Sage to be an excellent opportunity to strengthen our servicing capabilities for our existing EMCC client base. We welcome Sage and their dedicated customers to our EMCC family."

Equiant Financial Services Inc., headquartered in Scottsdale, AZ, is one of the largest providers of receivables servicing to the resort and timeshare industry. In partnership with its sister company Resort Management International (RMI) with offices in Mobile, AL and Las Vegas NV, Equiant is able to provide a full range of servicing solutions from initiation through late stage collection activities.

Since 1978, EMCC has provided receivable management solutions to the credit granting community throughout the United States, Canada, Mexico, Puerto Rico, and Central and South America. Its products, technology, services, and corporate capacity gives it the unique ability to provide innovative solutions for a broad range of clients in various industries, including the vacation ownership and resort markets.