InvestorsHub Logo
Followers 54
Posts 1381
Boards Moderated 0
Alias Born 12/27/2000

Re: None

Tuesday, 10/23/2001 9:07:14 AM

Tuesday, October 23, 2001 9:07:14 AM

Post# of 5044


MPTV Announces Update on Financing
- Certified Appraisal Comes in Higher, as Expected
IRVINE, Calif., Oct. 23 /PRNewswire/ -- MPTV, Inc. (OTC Bulletin Board: MPTV - news),
an innovator in Timeshare Resort Development, today announced that it continues to
aggressively move forward with its lenders to close its financings of $12.7 M for its Phase
I construction loan and its $100 M loan for the construction of Phases I through III for its
Lake Trop property in Las Vegas, Nevada.

The Company announced that the appraisal process has been completed and the
appraisal has come in higher, as expected. The appraisal results have been received by
the lenders, and the lenders are moving forward despite the turmoil, havoc and uncertainty
caused by the September 11 attacks.

``The lenders are very pleased with the significant increase in the valuation of the Lake
Trop property detailed in the recently completed appraisal. While we were expecting to
have completed the loan process by this time, we understand the difficulties created by
the September 11th events and are impressed with the concentration and diligence our
lenders have shown in pursuing the funding despite these troubled times,'' stated Hurley
Reed Chairman 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.