Omega Commercial Finance Accumulates Over 8 Million Dollars in Assets
Submitted by SmallCapVoice.com
(Company Increases Book Value To 30 Cents Per Share)
MIAMI, Feb. 2 /PRNewswire-FirstCall/ — Omega Commercial Finance Corporation (OTC Bulletin Board: OCFN) is pleased to announce that its current balance sheet reflects an increase of $8,434,845 in assets due to its previously announced acquisition of its luxury casino cruise ship the ‘Omega Royale’. This increase encompasses the partial allocation of substantiated assets from its cruise ship onto its balance sheet.
Based upon the current amount of shares outstanding the Company estimates a current shareholder book value of 30 cents per share.
The Omega management team firmly believes that the initiatives taken in 2008 are the first of many strategic implementations that are currently being conducted in order to build corporate and shareholder value. Current initiatives for 2009 include the acquisition of quality assets, as well as, the launching of several new and diverse divisions for the Company. The Company anticipates announcing full details on the structure of its new divisions and its newly formed Omega Opportunity Fund within the next quarter.
Jon V. Cummings IV, CEO, stated, ‘We are very pleased with our substantial increase in assets. Currently our balance sheet reflects our commitment in bringing shareholder value to potential investors and shareholders alike’. Additionally, ‘It is no secret that 2008 has proven to be one of the most volatile economic climates since the late 1920’s. Because of this, we purposely chose to strategically hold back on our core operations in anticipation that our patience would pay off with better opportunities and abilities in accumulating assets while servicing middle tier commercial ventures as the economy and commercial real estate market continued to soften. We now expect to start an aggressive implementation phase through our core operations in 2009, and are now poised to take advantage of an abundance of opportunities, through the acquisition of discounted performing notes, mortgages and properties which have been afforded to us by our patience’. He also stated, ‘Currently our recent stock price has suffered along with the market. However, this adversity has created an opportunity for investors to invest in a company whose current book value is much greater than its low trading price’.
The Company is also in the process of amending its third quarter 10Q and expects to have this completed soon.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Omega Commercial Finance Corp., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words ‘may,’ ‘would,’ ‘will,’ ‘expect,’ ‘estimate,’ ‘can,’ ‘believe,’ ‘potential’ and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Omega Commercial Finance Corp.’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Omega Commercial Finance Corp. filings with the Securities and Exchange Commission.
CONTACT:
Omega Commercial Finance Corporation
Investor Relations Dept.
Joseph Vazquez, 305-677-0306
jvazquez@ocfncorp.com or info@ocfncorp.com
www.ocfncorp.com
SOURCE Omega Commercial Finance Corporation
Visit 1800blogger to see all of our industry leading blogs.
