MPTV, Inc., Comments on Status of $52,500,000 Construction Loan; (Site Visit and Closing Document Review Meeting Set)
NEWPORT BEACH, Calif., Oct 5, 2000 /PRNewswire via COMTEX/ -- MPTV, Inc. (OTC
Bulletin Board: MPTV), a Nevada corporation, announces today that a site visit
has been scheduled by Oxford International for the week of October 16th. A
confirming letter from Oxford states, "At that time, we will be prepared to
proceed with a closing document review with your management team and attorneys."
MPTV anticipates receipt of the closing documents for review prior to the site
walk-through in Las Vegas, Nevada.
Hurley Reed, CEO of MPTV comments, "All the conditions for funding of the
$52,500,000 construction loan have been met pending this collateral review by
Oxford. We look forward to receiving the loan documents sometime next week and
meeting with Oxford and their corporate counsel in Las Vegas the following week
to finalize any outstanding closing issues and to schedule the closing date."
Upon closing, Oxford International will fund all the pre-construction
expenditures and setup costs for establishing MPTV's marketing operations, both
on and off-site. Oxford International will distribute the remaining funds
according to the proposed construction schedule for the Lake Tropicana Timeshare
Project.
Oxford International (www.oxfordint.com) is a private investment banking firm,
established in 1994, to facilitate the financing of business, commercial
development and corporate investment opportunities. Partners of Oxford
International include local, national and international banks. Investment banks,
investment trust firms, securities firms, private investors, insurance
companies, merchant banks, pension funds and national asset-based capital
providers are also partners.
The Lake Tropicana Timeshare Resort is located in Las Vegas, Nevada between the
MGM Grand Hotel/Casino, the new Aladdin Hotel/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.
Except for the historical information presented herein, the matters set forth in
this press release are forward looking statements within the meaning of the
"safe-harbor" provision of the Private Securities Litigation reform Act of 1995.
These forward-looking statements are subject to risks and uncertainties that may
cause actual results to differ materially. These forward-looking statements
speak only as of the date hereof. The Company disclaims any intent or obligation
to update these forward-looking statements.
SOURCE: MPTV, Inc. Website: www.laketropmptv.com
366 San Miguel, Suite 210, Newport Beach, CA 92660
For more information, contact: Serena Riedel, RealSense.com Investor Relations
Email: MPTV@realsense.com.
SOURCE MPTV, Inc.
CONTACT: Serena Riedel, Investor Relations of RealSense.com,
MPTV@realsense.com
URL: oxfordint.com
laketropmptv.com
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(C) 2000 PR Newswire. All rights reserved.
KEYWORD: California
Nevada
INDUSTRY KEYWORD: LEI
CNO
RLT
SUBJECT CODE: OTC |
