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MPTV TO ACQUIRE CONSOLIDATED RESORT ENTERPRISES

 MINNEAPOLIS, Oct. 21 /PRNewswire/ -- MPTV, Inc. (NASDAQ: MPTV), of Minneapolis, announced that it has entered into an agreement in principal for the acquisition, subject to certain conditions, of Consolidated Resort Enterprises, Inc. (CRE). CRE is a privately held company whose principal asset is the "Lake Tropicana Resort" in Las Vegas. The resort is strategically located near the new MGM Grand Hotel, in the center of the Las Vegas growth area. The property consists of 176 condominiums which are presently rented as apartments. The project will have an appraisal of approximately $10,000,000 upon completion of renovations.
 CRE plans to complete filings to convert the property into a vacation ownership resort prior to the closing of this acquisition. CRE has a binding commitment for the financing of the renovations and the consumer notes receivable resulting from timeshare shares. The total commitment is designed to facilitate a total of $90,000,000 in timeshare sales in accordance with the business plan. Additionally, CRE has agreed to assign all rights it has, and will acquire, for the acquisition of a privately held timeshare management company. The terms of the acquisition are being negotiated at this time.
 The transaction is subject to the usual terms and conditions for this type of agreement including but not limited to (i) negotiation of a definitive agreement between MPTV and the CRE stockholders (ii) completion of any necessary regulatory and CRE stockholder approval. The proposed closing is expected when the terms and conditions are met which is estimated to be within the next 60 days. Terms of the acquisition were not disclosed.
 Gerald Doran, president of MPTV stated: "This acquisition may allow MPTV to become a significant influence in the timeshare industry much sooner than would have otherwise been possible."
 MPTV is engaged in the entertainment and hospitality industry, with interests in television, video and resort properties.
 -0- 10/21/93
 /CONTACT: Gerald Doran, president and COO of MPTV, 612-571-7877/
 (MPTV)


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

DS-DB -- MN003 -- 5035 10/21/93 09:45 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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