MPTV Granted Building Permits for Its Lake Tropicana Timeshare Resort
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/ TO BUSINESS AND REAL ESTATE EDITORS:
MPTV Granted Building Permits for Its Lake Tropicana Timeshare Resort
IRVINE, Calif., Jan. 28 /PRNewswire-FirstCall/ -- MPTV, Inc. (OTC Bulletin Board: MPTT), an innovator in Timeshare Resort Development, today announced the granting of Building Permits by Clark County, Nevada for the renovation of the five buildings at its Lake Tropicana timeshare development. MPTV will initiate the building permits when the $13,440,000 ICF construction loan closes. After the loan closing, scheduled for February 8th of this year, and awarding the construction contract, the Phase I renovations and property enhancements will begin immediately. The major renovation process will yield 48 world-class timeshare units to be sold in one-week increments producing approximately 2,496 timeshare units. Each of the timeshares will be sold at an average price of approximately $14,000. MPTV's CEO, Hurley Reed stated, "We look forward to initiating construction. We have moved the timeframe for design and construction drawings forward in order to be poised to initiate construction immediately upon closing of the loan and after contractor selection. Currently, the contractor selection process is under way. The contractors are reviewing the plans and submitting bid proposals and construction schedules for the Lake Trop Phase I development. Simultaneously, the application and documentation necessary for the Nevada Timeshare Public Permit is being prepared for submittal to the State of Nevada upon loan closing. When the permit process is complete and the Public Permit is granted, sales of timeshares will begin immediately."
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; 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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