MPTV Signs Loan Commitment For New Mortgage
On Lake Trop Property
Irvine, CA, June 18, 2001 -- MPTV, Inc. (OTCBB: MPTV), an innovator in Timeshare Resort Development, today announced that it has signed a Loan Commitment with Old Standard Life Insurance Company Inc.'s Commercial Division for a new mortgage on its Lake Tropicana property.
The companies expect to close on the new mortgage within the next two weeks.
"The Las Vegas market continues to validate the value we have in our Lake Trop property. Old Standard's appraisal review for the loan came in with a value that is substantially higher than our own appraisal of just one year ago. This closing is the beginning step in the process of funding and building the Lake Tropicana Timeshare resort," stated Hurley C. Reed, CEO of MPTV.
"We are delighted to work with, and to provide funding for, MPTV on this very valuable Lake Trop property," stated Bob Kenny of Old Standard Life Insurance.
About MPTV, Inc.
MPTV develops and markets timeshare resort properties. The Company's principal asset is a multi-million dollar resort property called Lake Tropicana. MPTV's current project is the Lake Tropicana Timeshare Resort and Towers (www.laketropmptv.com) located in Las Vegas, Nevada between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino on the ``strip'' and the Hard Rock Cafe on Paradise and Harmon Avenue. The ``Harmon Corridor'' is undergoing transformation with two new casino hotels and three large timeshare projects planned for this area.
Shareholder Contacts: Serena Riedel, RealSense.com Investor Relations, Email MPTV@realsense.com, Shareholder Calls: 603-685-6000 or 603-890-1373.
Laurel Moody, Vision Consulting, Email laurel@visioncc.net, Calls: 212-484-5313.
This press release contains forward looking statements within the meaning of the ``safe-harbor'' provision of the Private Securities Litigation reform Act of 1995 about the Company's financial condition and business prospects that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as ``anticipate,'' ``estimate,'' ``expect,'' ``project,'' ``intend,'' ``plan,'' ``believe'' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: failure to reach definitive agreements with potential acquisition candidates; failure to find attractive acquisition candidates; increases in interest rates; a decline in the Las Vegas real estate market or the timeshare market in general; and general economic conditions in the United States. A further list and description of these risks, uncertainties and other matters can be found in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2000 and in its periodic reports on Forms 10-QSB and 8-K (if any). These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
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