****NEWS****
I just spoke with Peggy she asked me to post this. They are trying to find out why it did not hit the wires.
Thanks for sending this on the internet. Please tell them not to call us all
day, the phone has not stopped ringing. Thanks again!
MPTV, INC.
366 San Miguel Suite #210
Newport Beach, California 92660
949-760-6747
IMMEDIATE PRESS RELEASE
MPTV, INC.
June 16, 1999
MPTV Inc. ANNOUNCES CLOSE OF FINANCING AND JOINT VENTURE
MPTV, Inc., a Nevada corporation, announced today the closing on June
15, 1999 of the first step financing for the expanded Lake Tropicana
timeshare project in Las Vegas, Nevada.
Simultaneously, MPTV, Inc. announces the establishment of a Joint Venture
that will complete the Lake Tropicana timeshare project. The new Joint
Venture is called "Lake Trop, LLC" which combines the strengths of MPTV, Inc.
and the joint venture partner permitting the development and sales of the
expanded planned project. Most importantly, the Joint Venture will provide
the financial strength to support the development and marketing and sales
start up costs.(1)
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.(1)
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)
MPTV Inc and its subsidiaries is engaged in Timeshare Resort
Development, Resort Management and Vacation Oriented Television Entertainment
and Advertising.
For more information contact:
James C. Vellema, Chairman
MPTV, Inc.
949-760-6747
(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. |
