MPTV, Inc. Announces Close of Financing and Joint Venture
NEWPORT BEACH, Calif., June 17 /PRNewswire/ -- 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.
(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.
-0- 06/17/99
/CONTACT: James C. Vellema, Chairman of MPTV, Inc., 949-760-6747/
(MPTV)
CO: MPTV, Inc.
ST: California, Nevada
IN: RLT
SU: JVN
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