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bahhumbug1

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bahhumbug1

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Tuesday, 01/29/2002 3:09:24 PM

Tuesday, January 29, 2002 3:09:24 PM

Post# of 5044
MPTV Receives Loan Documents and Opens Escrow on $13.44 M Construction Loan


/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/
TO BUSINESS AND REAL ESTATE EDITORS:

MPTV Receives Loan Documents and Opens Escrow on $13.44 M Construction Loan

IRVINE, Calif., Jan. 29 /PRNewswire-FirstCall/ -- MPTV, Inc.
(OTC Bulletin Board: MPTT), an innovator in Timeshare Resort Development,
today announced that it has received closing loan documents from its lender,
International Commercial Finance (ICF), for a $13.44 million construction loan
that is scheduled to close on or before February 8, 2002.
MPTV has opened escrow on the loan. The loan documents are currently
under review by MPTV's attorneys and will be submitted to escrow shortly.
"This completion of the loan funding is a major step in our Phase I
planning. Upon selection of the contractor, these funds will provide for
renovations of the 48 units in Phase I and give us the infrastructure
necessary to register for our public permit for sale of timeshares with the
State of Nevada. Once the public permit is granted by the State of Nevada we
will begin timeshare marketing and sales. Having already completed the design
and permitting for Phase I will enable us to begin construction immediately.
We are happy to be moving ahead and on schedule with ICF to close this loan,"
stated MPTV's CEO, Mr. Hurley Reed.
Mr. Howard Seidman of Bolton Capital added, "Having worked closely with
ICF to get the loan documents to MPTV, I am now in touch with MPTV's and ICF's
attorneys. We are working to expedite approvals and submit the documents to
escrow so closing can be completed by February 8th of this year. The receipt
of these loan docs and the opening of escrow is definitely a major milestone
towards closing and funds disbursement."
The loan will be used for construction of Phase I of MPTV's Lake Trop
property in Las Vegas. Phase I comprises of the conversion, remodeling, and
sales of Lake Trop timeshares. The current Lake Trop property will be
converted into a world-class timeshare resort through both the remodeling of
the existing structures and major property enhancements.

About International Commercial Finance
International Commercial Financing is a Southfield, Michigan-based private
lender that focuses on lending for land acquisitions and development, along
with an array of innovative programs for all kinds of commercial lending
transactions. ICF's programs include its 100% construction financing
capabilities. Currently ICF is negotiating deals in three countries and
domestic transactions from California to Florida.

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: 212-446-6109.
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 meet conditions of the loan;
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.

MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X76919376

SOURCE MPTV, Inc.

/CONTACT: Shareholders, Laurel Moody of Vision Consulting,+1-212-446-6109,
laurel@visioncc.net; or Serena Riedel, serenariedel@aol.com,both for MPTV, Inc./

/Web site: http://www.laketropmptv.com /

Jan-29-2002 20:04 GMT
Symbols:
US;MPTT
Source PRN PR NewsWire
Categories:
NWR/CA NWR/NV NWR/MI NWI/FIN NWI/RLT NWI/OTC MST/R/US/CA MST/R/US/NV
MST/R/US/MI MST/I/BNK MST/I/REA MST/I/MKT

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