(Applies to: MPTV MPTV)
MPTV INC. ANNOUNCES EXPANSION AND FINANCING
NEWPORT BEACH, Calif., Jun 11, 1999 /PRNewswire via COMTEX/ -- MPTV,
Inc. (OTC Bulletin Board: MPTV), a Nevada corporation, announced today
that financing is set to close financing for their expanded Lake
Tropicana timeshare project in Las Vegas, Nevada on Monday, June 14,
1999.
MPTV, Inc., expects construction and sales on the first phase to start
within ninety days. The construction entails remodeling 48 existing
units, completing the sales center and the enhancement of the project's
amenities.
Management expects the project to generate 20,592 units of timeshare
sales at an average price of $12,700 over the next five years. The
expanded project will consist of 48-two bedroom Villas and 348
two-bedroom units to be located in the newly constructed high rise
buildings. New construction will consist of a 30,000 square foot
"Nationally Recognized" fitness center, spa, natural wellness center
and restaurant, which combined is a major amenities offered for the
project. (1)
The project is ideally located within walking distance from the hottest
growing area of the strip. The new Aladdin, which is currently under
construction, the MGM Grand, Bellagio and the Paris, Paris Hotel and
Casino. At least five timeshare projects are planned in the Harmon
Avenue Casino and Resort corridor.
Next to Orlando, Florida, Las Vegas is the most active Timeshare market
in the country. The six active Resort Timeshare projects sold an
estimated $107.3 Million in sales volume in 1998 and the volume is
projected to increase by 20% in 1999. Las Vegas is ideal for the
Timeshare business because ofthe estimated 31 Million tourists who
visit and vacation each year.
MPTV Inc. is engaged in Timeshare Resort Development, Resort Management
and Vacation Oriented Television Entertainment and Advertising.
(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) 1999 PR Newswire. All rights reserved.
http://www.prnewswire.com -0-
CONTACT: James C. Vellema, Chairman of MPTV, Inc., 949-760-6747
(MPTV)
GEOGRAPHY: California
Nevada
INDUSTRY CODE: LEI
RLT
SUBJECT CODE: OTC
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