$OCFN Omega Commercial Finance Corporation Has Proven To Be Quite Productive During Recent Months and Issues Update on Recent Progress and Activities
MIAMI, FL -- (Marketwired) -- 11/03/16 -- Omega Commercial Finance Corporation (OTC PINK: OCFN) provides updates on its progress towards ultimately positioning itself for a potential up-listing to a larger exchange through its execution of their growth strategy involving various partnerships, mergers and acquisition candidates.
Recently OCFN agreed on a partnership to work with EFO Financial Group, LLC under an OCFN subsidiary that will take over the lending arm from Omega Capital Street, LLC. This will enable Omega Capital Street to focus on the structured finance market for OCFN and to deliver effective property-level financing and capitalization solutions by solely quarterbacking capital market opportunities within the broader market space that's relegated to not only CRE business. Operationally EFO Financial Group, LLC has a proven in-house commercial real estate lending platform to originate, underwrite, close and service quality lending opportunities. They have directly originated real estate-based senior secured and DIP loans throughout the United States and have funded loans well in excess of $100-million . The funded loans including any future originations are and will be secured by income-producing properties, including apartments, offices, light-industrial properties and neighborhood retail centers in addition to non-income producing land acquisition and development and ground-up construction projects.
In the middle of September, OCFN led by Timothy R. Fussell, EVP of Business Affairs, had arranged for a Non-Binding LOI with a private investor for a Stock Purchase Agreement ("SPA") transaction priced at $3.12 per share and valued at $12.5-million. The closing of the SPA is anticipated for the middle of November and will help spearhead a newly created Joint Venture with a proven OTCBB partner that has recently acquired approximately $220-million in Life Settlement assets YTD. Thus the joint venture shall operate and seek to acquire new non-correlated asset base of life settlement policies in the form of Net Insurance Benefits through the joint venture partner's proprietary business process.
Led by Jon S. Cummings IV Chairman of OCFN, the company furthered its growth initiative towards the end of October by executing a Non-Binding LOI with a firm seeking an SBIC license to have access to low cost capital to ultimately leverage and obtain at least up to $150-million in Small Business Administration (SBA) and Small Business Investment Company (SBIC) low-cost debentures. This capital will be utilized for funding an existing loan pipeline and any other qualified and approved loan requests.
As reported in a July 11, 2016 press release, OCFN's management team secured a $650,000 capital contribution to be used to support the repositioning of a 23-room boutique hotel property containing a 15-boat slip marina located on 3.4 acres in the Florida Keys. The property was obtained through a 5-year lease purchase contract led by the negotiations of Eran Danino President of OCFN as previously announced in a May 24, 2016 press release. OCFN is now excited to announce that the construction to renovate, reposition, and improve the property has commenced and is making positive progress and on schedule. This rebranding and repositioning effort is being carefully orchestrated and overseen by Todd C Buxton, CEO of OCFN. This 1st phase of construction involves the extensive spalling work to correct and repair the buildings concrete exterior along with improving its rebar structural interior foundation where needed. This phase of work shall continue on each of the 10 separate building structures throughout the property and will lead eventually to the complete overhaul and renovation on each unit's interior condition including all new drywall, doors, flooring, windows, bathrooms, case goods and other improvements for the repositioning into a transient hospitality operation.
Finally, in March of 2016 Mark Feanny was named to the Board of Directors and contributed $500,000 through an 8% promissory note that has been funding the costs required to update the OCFN 2015 and 2016 financial statements. Jon S. Cummings IV, founder of OCFN states, "I believe when we can effectively convert these growth initiatives coupled with our updated financials slated to be complete here in the next couple of weeks into positive milestones to propel us into a dynamic level as a financial holding company for years to come."
About OCFN Omega Commercial Finance Corporation (OTC PINK: OCFN) is a publicly traded financial services holding company whose principal subsidiaries operate in the commercial real estate, finance, real estate sales and brokerage, and capital markets sectors. As a holding company, OCFN collectively along with its subsidiaries' management teams have a combined 150 years of experience and knowledge across their respective business lines. Key subsidiaries are; Omega Capital Street LLC, Omega FLK Property LLC, Omega Asset Management LLC, and EFO Capital Lending, Omega Realty Partners.
Safe Harbor This release contains 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 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", "project" and similar expressions 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 and that actual results may differ materially from those projected in the forward-looking statements.
For Further Information Contact: Omega Commercial Finance Corporation
Investor Relations
email: IR@omegapublic.com
Source: Omega Commercial Finance Corporation
