InvestorsHub Logo
Followers 1
Posts 74
Boards Moderated 0
Alias Born 01/10/2001

Re: sentsyst post# 1861

Tuesday, 07/31/2001 12:34:48 PM

Tuesday, July 31, 2001 12:34:48 PM

Post# of 5044
Tuesday July 31, 12:20 pm Eastern Time Press Release
SOURCE: MPTV, Inc.

MPTV Receives Term Sheet For $11.5 M Phase I Construction Loan

IRVINE, Calif., July 31 /PRNewswire/ -- MPTV, Inc. (OTC Bulletin Board: MPTV - news), an innovator in Timeshare Resort Development, today announced that it has received a term sheet for an $11.5 million loan. The loan would be used for MPTV's Phase I project, to renovate existing units for sale as timeshare units on its Lake Trop property.

``We have delivered the term sheet to MPTV because we believe in the lending opportunity. This is a very promising project. We believe in the results it will create for Lake Trop's bottom line, and we are proving our belief by delivering the right deal. We look forward to an expedited schedule of loan commitment and closing,'' stated Mr. Howard Seidman of Bolton Capital.

``Having successfully completed the refinancing of Lake Trop, we are now able to attract several quality lenders interested in the Phase I construction loan. One lender, a specialist in this kind of construction loan, has tendered the term sheet for $11.5 million. It appears that the lenders recognize, just as we do, that the demand for quality timeshare units in Las Vegas continues to outpace supply and the size and location of the Lake Trop property is perfect for timeshares,'' stated Mr. Hurley C. Reed, CEO of MPTV.

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: Laurel Moody, Vision Consulting, Email laurel@visioncc.net, Calls: 212-484-5313.

Serena Riedel, Email: serenariedel@aol.com.

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.

SOURCE: MPTV, Inc.


Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.