Sad News:
My condolences to all concerned....
Monday March 27, 3:07 pm Eastern Time
Company Press Release
SOURCE: MPTV, Inc.
MPTV Inc. Announces the Death of James C. Vellema Chairman and CEO
NEWPORT BEACH, Calif., March 27 /PRNewswire/ -- The family of James C. Vellema, Chairman and CEO informed MPTV, Inc. (OTC Bulletin Board: MPTV - news), that on early Friday morning, March 24, 2000 Mr. Vellema passed away after a long battle with an illness.
Mr. Vellema's illness was progressive and turned serious over the past nine months. Mr. Vellema's day-to-day management and participation had steadily diminished during his illness. The Management team under the leadership of Hurley C. Reed, President and COO will continue to go forward with negotiations and financing terms as he has been doing for the past nine months. Mr. Reed will continue to play a major role with the lender negotiations on the previously announced $52 Million loan as it continues forward.
Due to the lender's workload, the lender has requested additional time to finalize the loan package. MPTV, Inc. anticipates an early finalization.
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 of PMR and Associates, 760-942-0015, pmrandco@aol.com
SOURCE: MPTV, Inc. |
