Printer Friendly

MPTV ENTERS PRELIMINARY DISCUSSIONS

 MINNEAPOLIS, Oct. 1 /PRNewswire/ -- MPTV, Inc. (NASDAQ: MPTV), of Minneapolis, announced that it has entered into preliminary discussions with a California-based company to acquire a strategically located real estate condominium project in Las Vegas. The project consists of 9,000 time-share unit weeks which are designed to retail for approximately $8,000 to $11,000 per unit week.
 Final terms of the proposed transaction have not been negotiated, and neither party is committed to complete the transaction. As currently discussed, the transaction would involve MPTV issuing an undetermined amount of restricted common stock and cash for the purchase. Such terms may change as negotiations continue. If the parties are able to reach agreement on the terms, the proposed transaction will be subject to various conditions, the approval of various regulatory agencies, approval by the board of directors of both companies and the seller's shareholders. No implication is intended that the acquisition will be completed. The transaction involves MPTV issuing restricted common stock and cash for the purchase.
 No implication is intended that an agreement will be reached or an acquisition completed. This news release is being made to respond to rumors in the marketplace which have come to the attention of MPTV management that a significant acquisition was pending.
 MPTV is engaged in the entertainment and hospitality industry, with interests in television, video and resort properties. Management feels this acquisition will compliment its hospitality division.
 -0- 10/1/93
 /CONTACT: Gerald Doran, president and COO, of MPTV, 612-571-7877/
 (MPTV)


CO: MPTV, Inc. ST: Minnesota IN: ENT SU:

KH-AL -- MN003 -- 7676 10/01/93 09:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 1, 1993
Words:266
Previous Article:FAA APPROVES BRS PARACHUTE SYSTEM THAT 'SAVES' THE WHOLE AIRCRAFT
Next Article:OAK INDUSTRIES TO REPORT NONRECURRING GAIN
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters