PR> MPTV's $100M Loan Application Approved by Credit Committee
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/ TO BUSINESS, REAL ESTATE AND TRAVEL EDITORS:
MPTV's $100M Loan Application Approved by Credit Committee
IRVINE, Calif., Nov. 1 /PRNewswire/ -- MPTV, Inc. (OTC Bulletin Board: MPTV), an innovator in Timeshare Resort Development, today announced that significant progress has been made in its application process for receiving a $100 million construction loan. The lender's Credit Committee has approved the loan. The approved loan was forwarded to the credit department for finalization and preparation of a commitment. MPTV had announced in August of this year that it had received a Term Sheet for a $100 million construction loan, which is earmarked for building four new towers on the Company's Lake Trop property. "After a significant amount of due diligence, our lender's Credit Committee has shown its confidence in our Lake Trop property and in our strategy for re-developing it into an asset of tremendous value. We are now awaiting the final approval and delivery of a loan commitment in a short time frame," 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.
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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