PR NEWSWIRE) MPTV, Inc. Announces the Signing of Loan Commitment From Reming
MPTV, Inc. Announces the Signing of Loan Commitment From Remington Financial
Group, Inc. for Additional Financing
NEWPORT BEACH, Calif., Nov. 2 /PRNewswire/ -- MPTV, Inc.
(OTC Bulletin Board: MPTV), a Nevada corporation, announces the signing of a
loan commitment from Remington Financial Group, Inc. of Scottsdale, AZ, for
additional funding of $15,000,000 to MPTV for the Lake Tropicana Timeshare
project. Closing is scheduled on or before December 15, 2000.
Hurley C. Reed, CEO of MPTV, Inc. stated, "In addition to existing loan
commitments, the Remington proposal will provide MPTV with favorable financing
for our first mortgage. It will provide the funding to renovate the existing
40 villa units (Phase 1) while the design of the high-rise suites
(Phases 2 and 3) is completed and working drawings are approved and permitted.
This money will also allow us to immediately initiate our sales and marketing
program." Mr. Reed went on to emphasize, "Negotiations continue with Oxford
International. Loan agreement documents have been prepared and exchanged for
review by both parties' attorneys. Once final documents have been completed
and approved, the signing will take place in Las Vegas, NV."
James M. De Masi of Remington Financial Group, Inc. stated, "A proprietary
market study found demand for quality timeshare units greatly exceeds
projected inventory levels in Las Vegas over the next five years. This is a
great opportunity for MPTV to get inventory onto the market while demand
continues to escalate. Once Phase 1 construction is complete, Remington would
commit to an additional $40,000,000 for Phase 2 and 3 construction."
Remington Financial Group assists clients in obtaining debt and equity
financing from a variety of sources including: commercial banks; conduit
programs; insurance companies; institutional lenders; private mortgage
investors; and, private lending investors. In the process, Remington provides
the following services: originating the loan process; evaluating loan options;
structuring the transaction; preparing and underwriting loan request package;
assistance with negotiations; and, coordination of placement and closing
process.
MPTV, Inc.'s current project is the proposed Lake Tropicana Timeshare
Resort and Towers located in Las Vegas, Nevada between the MGM Grand
Hotel/Casino, the Aladdin Hotel/Casino on the "Strip" and the Hard Rock Cafe
on Paradise and Harmon Avenue. The "Harmon Corridor" 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
CONTACT: Serena Riedel, RealSense.com Investor Relations,
Email: MPTV@realsense.com.
SOURCE MPTV, Inc.
-0- 11/02/2000
/CONTACT: investor relations, Serena Riedel of RealSense.com,
MPTV@realsense.com, for MPTV, Inc./
/Web site: laketropmptv.com
(MPTV)
CO: MPTV, Inc.; Remington Financial Group, Inc.
ST: California, Arizona, Nevada
IN: LEI ENT FIN
SU: FNC
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