MPTV Accepts Final Loan Commitment for $13.44 M for Phase I of Lake Trop
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/ TO BUSINESS EDITOR:
MPTV Accepts Final Loan Commitment for $13.44 M for Phase I of Lake Trop
IRVINE, Calif., Jan. 9 /PRNewswire/ -- MPTV, Inc. (OTC Bulletin Board: MPTV), an innovator in Timeshare Resort Development, today announced that it has reviewed and accepted the terms of the Loan Commitment in the amount of $13.44 million from International Commercial Finance (ICF), a leading real estate construction lender. Mr. Hurley Reed, MPTV's CEO, signed the Loan Commitment and returned the accepted documents to ICF. The loan will be used for the construction of Phase I of MPTV's Lake Trop property in Las Vegas. Phase I construction will convert the current Lake Trop property into a world-class timeshare resort. "The terms of this Loan Commitment are fair and acceptable. I have signed the commitment and am looking forward to funding and beginning the construction phase," Mr. Hurley Reed stated. Mr. Howard Seidman of Bolton Capital added, "I've helped to arrange MPTV's financing with ICF because they are a good fit with each other. ICF has delivered a Loan Commitment with favorable terms to MPTV and I'm delighted that MPTV is moving forward on this opportunity. We anticipate a quick closing pending the standard delivery of necessary closing documents and stipulations." Mr. Eli Shalom, CEO of International Commercial Finance stated, "We are pleased with MPTV's acceptance of our offer. ICF is excited to be involved in this high-profile timeshare development in the fast-growing Las Vegas market. Our negotiations and business with MPTV have progressed very smoothly and we anticipate announcing a closing date shortly and funding as quickly as possible."
About International Commercial Finance International Commercial Finance is a Southfield, Michigan-based private lender that focuses on lending for land acquisitions and development, along with an array of innovative programs for all kinds of commercial lending transactions. ICF's programs include its 100% construction financing capabilities. Currently ICF is negotiating deals in three countries and domestic transactions from California to Florida.
MPTV, Inc. MPTV develops and markets timeshare resort properties. The Company's principal asset is a multi-million dollar resort property called Lake Tropicana. MPTV's current project is the Lake Tropicana Timeshare Resort and Towers ( www.laketropmptv.com ) located in Las Vegas, Nevada between the MGM Grand Hotel/Casino and 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.
This press release contains forward looking statements within the meaning of the "safe-harbor" provision of the Private Securities Litigation reform Act of 1995 about the Company's financial condition and business prospects that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: failure to reach definitive agreements with potential acquisition candidates; failure to find attractive acquisition candidates; failure to meet conditions of the loan; increases in interest rates; a decline in the Las Vegas real estate market or the timeshare market in general; and general economic conditions in the United States. A further list and description of these risks, uncertainties and other matters can be found in the Company's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2000 and in its periodic reports on Forms 10-QSB and 8-K (if any). 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.
/CONTACT: Shareholders, Laurel Moody of Vision Consulting,+1-212-446-6109, laurel@visioncc.net; or Serena Riedel, serenariedel@aol.com,both for MPTV, Inc./
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