IRVINE, Calif., July 26 /PRNewswire-FirstCall/ -- MPTV, Inc. (OTC Bulletin Board: MPTT), an innovator in Timeshare Resort Development, today announced that the Company continues to work with lenders towards completing the refinancing of its current mortgage on the Lake Trop Property as well as a significantly larger funding for the commencement of Phase I, II, and III construction. "We appreciate how patient our shareholders have been through this financing period. With financial markets being as volatile as they have been, we are putting forth our best efforts to maintain steady progress towards our funding goals," stated Mr. Hurley Reed, President and CEO of MPTV. MPTV has already been granted building permits for Phase I, which includes the conversion and remodeling of Lake Trop into a world-class timeshare resort.
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 agree upon terms and conditions of the loan tranches; 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, 2001 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.
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