Second Thoughts on the reverse...
News March 13, 19:37 Eastern Time
MPTV, Inc. Revises $8 Million Dollar Financing Package Postponing The Reverse Split Component Indefinitely
NEWPORT BEACH, Calif., Mar 13, 2000 /PRNewswire via COMTEX/ -- MPTV, Inc.'s
(OTC Bulletin Board: MPTV) Board of Directors has reviewed numerous financing
options and has determined that postponing the previously proposed reverse split
is in the best interest of enhancing shareholder value. The short term financing
needs of the company will be met through the $8 million dollar working capital
financing secured by the issuance of additional shares. (1)
Although the Board of Directors has determined at this time that a reverse split
will be beneficial in the future, it was decided to postpone such
recapitalization until the development of the timeshare project and construction
loan financing has progressed further. (1)
MPTV Inc. and its subsidiaries are engaged in Timeshare Resort Development,
Resort Management and Vacation Oriented Television Entertainment and
Advertising. MPTV, Inc., current timeshare resort development is Lake Tropicana
Timeshare Resort in Las Vegas, Nevada.
The Lake Tropicana Timeshare Resort is located in Las Vegas, Nevada between the
MGM Grand Hotel and Casino, the new Aladdin Hotel and Casino on the "Strip" and
the Hard Rock Cafe and Hotel Casino on Paradise and Harmon Avenue. The "Harmon
Corridor" has been designated as a tourist's corridor and is undergoing
transformation with two new casino hotels and three large timeshare projects
planned for this area.
For more information contact:
Pat Rost
PMR and Associates
760-942-0015
pmrandco@aol.com
(1) This paragraph constitutes a forward looking statement, and is subject to
various factors that could cause actual results to differ materially from the
result anticipated in such forward looking statement.
SOURCE MPTV, Inc.
(C) 2000 PR Newswire. All rights reserved.
http://www.prnewswire.com
CONTACT: Pat Rost of PMR and Associates, 760-942-0015, pmrandco@aol.com,
for MPTV, Inc.
(MPTV)
KEYWORD: California
Nevada
INDUSTRY KEYWORD: LEI
CNO
ENT
SUBJECT CODE: FNC
ECO
OTC
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