MPTV, INC. ANNOUNCES AN AGREEMENT WITH PRIVATE INVESTMENT GROUP TO PROVIDE
$8 MILLION WORKING CAPITAL FINANCING AND A PROPOSED ONE-FOR-20 Reverse Stock
Split
NEWPORT BEACH, Calif., Mar 6, 2000 /PRNewswire via COMTEX/ -- MPTV,
Inc. (OTC Bulletin Board: MPTV) has signed an agreement with a private
investment group to provide financing for working capital and operating
funds related to the Lake Tropicana Timeshare Resort. The Agreement
will provide an estimated $8 Million Dollars as required to finance
operating expenses other than construction expenses. These funds will
be used to initiate Phase I of the planned 552-unit timeshare. (1)
Lake Tropicana Timeshare Resort is a timeshare project projected to
generate 28,800 timeshares at an average price of $12,000 per
timeshare. Phase I is planned to renovate 40 condominium units into 2,
080 timeshares at an average price of $12,000. (1)
Earlier MPTV, Inc. announced a construction financing Letter of Intent
for $52 Million Dollars. The lender involved with this loan has
informed MPTV that the schedule for the closing of the loan is on
target and is expected to be completed within a six-week time frame.
(1)
The proposed one-for 20 reverse stock split will provide the
corporation the ability to raise additional capital to finance the
improvements and working capital needed to initiate timeshare sales at
Lake Tropicana Timeshare Resort in Las Vegas, Nevada. The above
announced financing is conditioned upon the enactment of the one-for-20
reverse stock split. This financing will facilitate the initial
development, without it the corporation cannot continue with the
development of the project. (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 of PMR and Associates,
760-942-0015.
(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.
prnewswire.com
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CONTACT: Pat Rost of PMR and Associates, 760-942-0015, for MPTV, Inc.
(MPTV)
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