NEWS OUT on MPTV!
MPTV Inc. Announces Commitment to Refinance
February 25, 1999 09:15 AM NEWPORT BEACH, Calif., Feb. 25 /PRNewswire/ -- MPTV, Inc., a Nevada corporation, announces that it has received a commitment to refinance the loan for the Lake Tropicana Timeshare resort in Las Vegas, Nevada. The commitment of $7,800,000 will pay off the underlying lienholder's on the property as well as complete the construction of Phase I. The loan is scheduled to close prior to March 31, 1999. Within approximately 60 days of the loan being closed, sales will commence. In addition, MPTV, Inc., is involved in ongoing negotiations for the procurement of additional working capital.
MPTV, Inc., is also pleased to announce the addition of Brent H. Hall as Executive Vice President/CFO. Mr. Hall is a 14-year veteran of the real estate development industry serving in senior management position with large national public companies as well as successful experienced start-ups.
The Lake Tropicana Timeshare Resort is located on prime real estate in Las Vegas, Nevada on 7.5 acres between the MGM Grand Hotel and Casino and the Hard Rock Cafe and Hotel Casino. The Lake Tropicana Timeshare Resort consists of 22 buildings, tennis court, spa, swimming pools and recreation facilities. MPTV, Inc., will offer 9,152 timeshare intervals at an average price of $12,500 per interval, typical gross profits for the industry exceed 15%.(1)
The Lake Tropicana Resort will be MPTV's flagship property. Management plans to open several off-site sales offices in California to increase sales production at a rapid rate.
MPTV Inc. is engaged in Timeshare Resort Development, Resort Management and Vacation Oriented Television Entertainment and Advertising.
(1) This sentence 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, as more fully discussed in Item 1 of MPTV's Annual Report on Form 10-KSB for the year ended December 31, 1995 under "Forward Looking Statements."
SOURCE MPTV, Inc. |
