Omega Executes a Non Binding Letter of Intent for a “Plan
of Merger” with a Casino Cruises Ship Owner
MIAMI (Business Wire EON/PRWEB ) June 5, 2008 --
Jon S. Cummings IV, President/CEO, Jon S. Cummings III, Chairman, and
the Board of Directors of Omega Commercial Finance Corporation
(OTCBB:OCFN) have executed a “Non Binding
Plan of Merger Agreement” with the owner and
operator of a regional casino cruise ship enterprise. Omega is a public
holding company with integrated subsidiaries engaged consultation,
management, and the finance of structured commercial real estate
projects.
The casino cruise ship merger is considered a potentially ideal fit for
Omega. Through alignment with core asset owners, Omega will be
strategically positioned to provide high yield debt commercial real
estate finance programs to middle market borrowers. Merging assets
through utilization of its publicly traded platform will strengthen Omega’s
ability to utilize capital markets to enhance value to their
shareholders. Omega, through its subsidiary investment banking arm, will
seek to capitalize the operations with an undisclosed amount for
improvement to commence business in early 2009. Present market data
indicates that once fully operational, this vessel will be capable of
generating significant financial returns which will augment Omega’s
overall balance sheet.
The subject cruise ship was most recently deployed in the Florida’s
offshore casino cruise industry, operating in the Gulf of Mexico. This
vessel was constructed in 1982 and encompasses approximately 40,000
square feet of gaming space. Subsequent to a merger, the ship is
intended to be semi-permanently moored, and cater to the offshore
metropolitan New York City area. Located approximately three miles
offshore in international waters, multiple U.S. Flag shuttles will
transport casino clientele to the ship.
Safe Harbor Statement: The Private Securities Litigation Reform Act of
1995 provides a "safe harbor" for forward-looking statements. Certain of
the statements contained herein, which are not historical facts, are
forward-looking statements with respect to events, the occurrence of
which involve risks and uncertainties. These forward-looking statements
may be impacted, either positively or negatively, by various factors.
Information concerning potential factors that could affect the Company
is detailed from time to time in the Company's reports filed with the
Securities and Exchange Commission.
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