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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): December 24, 1996
MPTV, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada
(State or Other Jurisdiction of Incorporation)
0-16545 88-0222781
(Commission File Number) (I.R.S. Employer Identification No.)
3 Civic Plaza
Suite 210
Newport Beach, California 92660
(Address of Principal Executive Offices, Including Zip Code)
(714) 760-6747
(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events.
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Closing and Funding of Loan.
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MPTV, Inc., a Nevada corporation (the "Registrant"), has announced the closing
and funding of the $7,600,000.00 loan funded by Kennedy Funding, Inc. Proceeds
will be used for the re-structuring of the previously existing debt and for
completing Phase I renovation of the Lake Tropicana Timeshare Resort in Las
Vegas, Nevada.
As permitted by General Instruction F to Form 8-K, the Registrant hereby
incorporates by reference the information contained in the press release dated
December 31, 1996, which is filed as an Exhibit to this Report on Form 8-K.
Item 7.
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Financial Statements and Exhibits.
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(a) Financial statements of businesses acquired: N/A
(b) Pro forma financial information: N/A
(c) Exhibits:
Exhibit No. Description
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99.5 Press Release, dated December 31, 1996,
regarding closing of Kennedy loan.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.
MPTV, INC.
Date: January 8, 1997 By: /s/ James C. Vellema
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Name: James C. Vellema
Title: Chairman/Chief Executive Officer
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[LETTERHEAD]
IMMEDIATE PRESS RELEASE
MPTV, INC.
December 31, 1996
MPTV Inc. ANNOUNCES CLOSING OF KENNEDY LOAN
MPTV, Inc., a Nevada corporation, announces the closing and funding on
December 24, 1996 of a $7,600,000.00 loan to re-structure the previously
existing debt and provide funds for the completion of Phase I for the Lake
Tropicana Timeshare Resort in Las Vegas, Nevada. The lender, Kennedy Funding,
Inc. of Hackensack, New Jersey, has provided $7,600,000.00 in funds to MPTV,
Inc. The new loan will permit MPTV, Inc., to sell, close and deed timeshare
intervals and generate revenues at the Lake Tropicana Timeshare Resort. The
Company anticipates it will be fully mobilized to begin recording sales and
earnings in the first quarter of 1997.*
The Lake Tropicana Timeshare Resort is located in Las Vegas, Nevada on
7.5 acres between the MGM Grand Hotel and Casino and the Hard Rock Cafe and
Hotel Casino. The Lake Tropicana Timeshare Resort consists of 22 buildings,
tennis court, spa, swimming pools and recreation facilities. The Company will
offer 9,152 timeshare intervals at an average price of $11,800 per interval.
When completed the Lake Tropicana Timeshare Resort will be a gated community
conveniently located near the famous Las Vegas "Strip" and will cater primarily
to the growing family market in Las Vegas
MPTV is engaged in Timeshare Resort Development, Resort Management and
Vacation Oriented Television Entertainment and Advertising.
For more information contact:
James C. Vellema, Chairman
MPTV, Inc.
714-760-6747
Henry Haskell, Vice President
KENNEDY FUNDING, Inc.
201-342-8500
* This sentence constitutes a forward looking statement, and is subject
to various factors that could cause actual results to differ
materially from the result anticipated in such forward looking
statement, as more fully discussed in Item 1 of MPTV's Annual Report
on Form 10-KSB for the year ended December 31, 1995 under "Forward
Looking Statement".
