NEWPORT BEACH, Calif., November 2,2000 /PRNewswire/ — MPTV, Inc. (OTC BB: 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 ป๊อกเด้ง ไฮโล Hotel/Casino, the Aladdin Hotel/Casino on the “Strip” and the Hard Rock Café 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.