Press Release: MPTV, Inc.
January 16, 2002
IRVINE, CA -- MPTV, Inc. (OTC Bulletin Board: MPTV), an innovator in Timeshare Resort Development, yesterday announced
that it its lender, International Commercial Finance (ICF), has set the loan closing on or before February 8, 2002
for its $13.44 million construction loan.
The loan will be used for construction of Phase I of MPTV's Lake Trop property in Las Vegas. Phase I comprises
of the conversion, remodeling, and sales of Lake Trop timeshares. The current Lake Trop property will be converted
into a world-class timeshare resort through both the remodeling of the existing structures and major property enhancements.
Lake Trop will begin construction, and immediately upon finalizing state timeshare public permit registration,
will start marketing and selling timeshares. Lake Trop will continue to sell timeshares during construction.
Mr. Eli Shalom, CEO of International Commercial Finance stated, ``We are very satisfied with the progress we have
made towards the completion of this loan and we look forward to funding within the next 30 days. During this period,
we will be finalizing and delivering the standard required closing documents.''
``We are very excited that the loan closing has been set. We are now working on the required documentation to close
the loan, completing the permitting, and making concrete plans for the construction and sales of the timeshare
units. We look forward to implementing those plans upon receipt of funds. It has been a pleasure working with the
professionals of ICF and Bolton Capital,'' Mr. Hurley Reed stated.
About International Commercial Finance
International Commercial Financing 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.
Shareholder Contacts: Laurel Moody, Vision Consulting, Email: laurel@visioncc.net, Calls: 212-446-6109.
Serena Riedel, Email: serenariedel@aol.com.
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.
SOURCE: MPTV, Inc.