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MPTV, INC. SIGNS AGREEMENT FOR ACQUISITION OF CONSOLIDATED RESORT ENTERPRISES

 MINNEAPOLIS, Dec. 13 /PRNewswire/ -- MPTV, Inc. (NASDAQ: MPTV), of Minneapolis, announced today that it has signed a definitive agreement for the acquisition of Consolidated Resort Enterprises, Inc.
 Consoa?ted's corporate headquarters are located in Newport Beach, Calif. Its major asset is a majority interest in a multi-million dollar real estate project that is strategically located within one city block of the new billion dollar MGM Grand Hotel/Casino and theme park in Las Vegas. This project, called Lake Tropicana, will be the newest addition to MPTV's resort and hospitality division.
 Lake Tropicana features 22 separate buildings consisting of eight units each, on 7.5 acres with swimming pools, tennis courts, a spa and recreation/fitness center, a man-made lake, waterfalls and lush landscaping throughout the project. If the interval ownership concept proposed for the project meets with consumer acceptance and is fully sold, the project has the potential of generating cumulative gross sales of $100 million over the next few years. Interval ownership projects require substantial sales and marketing expenses. Consolidated has agreements in place with a New York firm for the placement of the financing of the interval units subject to certain conditions.
 The agreement calls for MPTV to issue an amount of shares at closing, sufficient to result in a 75% post acquisition ownership in MPTV by the shareholders of Consolidated. Additionally, certain members of the board of MPTV would resign in favor of new board members endorsed by Consolidated. Raymond Rasmussen, the current chairman of the board and chief executive officer of MPTV, will continue to serve in that capacity. Mr. Rasmussen stated, "MPTV has charted a course to become a major influence in the resort/entertainment industry. This acquisition, with the addition of Consolidated's highly experienced management team, properties, and industry experience will accelerate the company's growth and significantly impact our timing in achieving our goal."
 In addition to the usual conditions to an agreement of this nature, the transaction is subject to (i) approvals of various schedules prior to closing and (ii) final due diligence by both parties prior to closing. No implication is intended that the acquisition will be completed.
 MPTV also announced that it has named Matthew's, Holmquist and Associates as its investment banker. Matthew's, Holmquist is based in Minneapolis with several offices throughout the United States.
 The company also announced that in an effort to become more focused in the management of resorts and not in their initial development, it has canceled its letter of intent to acquire a development project in the Bahamas.
 MPTV is engaged in the entertainment and hospitality industry, with interests in television, video, and resorts.
 -0- 12/13/93R
 /CONTACT: Bill Delmonico, shareholder relations department of MPTV, 612-571-7877/
 (MPTV)


CO: MPTV, Inc.; Consolidated Resort Enterprises, Inc. ST: Minnesota, California, Nevada IN: LEI ENT SU: TNM

GK-MP -- NY013R -- 3095 12/13/93 10:35 EST
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Publication:PR Newswire
Date:Dec 13, 1993
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