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sentsyst

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sentsyst

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Re: None

Friday, 07/26/2002 10:03:30 AM

Friday, July 26, 2002 10:03:30 AM

Post# of 5044

MPTV Updates on Refinance and Phase I Funding

IRVINE, Calif., July 26 /PRNewswire-FirstCall/ --
MPTV, Inc. (OTC Bulletin Board: MPTT), an innovator in Timeshare Resort
Development, today announced that the Company continues to work with lenders
towards completing the refinancing of its current mortgage on the Lake Trop
Property as well as a significantly larger funding for the commencement of
Phase I, II, and III construction.
"We appreciate how patient our shareholders have been through this
financing period. With financial markets being as volatile as they have been,
we are putting forth our best efforts to maintain steady progress towards our
funding goals," stated Mr. Hurley Reed, President and CEO of MPTV.
MPTV has already been granted building permits for Phase I, which includes
the conversion and remodeling of Lake Trop into a world-class timeshare
resort.

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.

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 agree upon terms and
conditions of the loan tranches; 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, 2001 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/

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