MPTV Directors Double Capital Stock
Directors of Newport Beach-based MPTV Inc. have doubled the company’s authorized capital stock to 100 million shares, company officials said Monday.
Hurley Reed, president of the time share development company, said the firm has issued a large number of shares in lieu of payment for construction, architectural and consulting services.
The company’s articles of incorporation had limited the firm to 50 million shares. Reed said the board of directors increased that ceiling to 100 million shares on March 31, and that the change was registered July 8 by regulators in Nevada, where the company is incorporated.
About 87 million shares of MPTV stock are outstanding.
Last month, Nasdaq removed the stock from its SmallCap listings after the company failed for nearly a year to maintain the $1-a-share minimum bid price required to remain listed on the exchange.
MPTV is developing time-share resorts in Las Vegas, Reno and Rancho Mirage, Calif. In 1995, the company posted a net loss of $8.4 million on revenue of $891,000.
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