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[TradingGems]

$OMAG .0378 ON THE .0378!!!!!?? ARE YOU KIDDING MEEEE?? IS THIS A PRACTICAL JOKE?

https://www.forbesmiddleeast.com/en/oman-turns-to-tourism-to-revive-its-property-market/
Since the Land Rights were a non-cash payment for capital stock in LLC, it was necessary to value the Land Rights. Three expert real estate valuation companies were engaged by LLC to independently value the Land Rights in accordance with the professional standards specified by the Royal Institution of Chartered Surveyors (“RICS”) and International Financial Reporting Standards (“IFRS”). The average of the three Land Rights valuations was 276,666,667 Omani Rials ($718,614,000).

LLC engaged the services of PricewaterhouseCoopers LLP (“PwC”) as its IFRS accounting consultant to definitively determine the correct method of recording the $718,614,000 in its IFRS compliant financial statements.

After receiving PwC’s written report and analysis, LLC then consulted its independent auditor, Deloitte & Touche (M.E.) & Co. LLC (“Deloitte”) with respect to the matter and received Deloitte’s written technical report agreeing with the PwC analysis.

Both PwC and Deloitte independently concluded that in accordance with the IFRS, the Land Rights should be recorded as capital, inventory and land on LLC’s financial statements.

With respect to the Company’s consolidated financial statements which are prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”), the Company’s independent auditor in the U.S. has likewise concurred that the Land Rights should be recorded as capital, inventory and land in accordance with US GAAP.

For a more complete description of the Company, Omagine LLC, the Omagine Project and these events, please refer to the full text of the 10-Q Report which is a publicly available document available for download at the website of the SEC or the Company.

About Royal Court Affairs.

Royal Court Affairs is an Omani organization representing the interests of His Majesty, Sultan Qaboos bin Said, the ruler of Oman.

About Consolidated Contractors.

Consolidated Contractors International Company, SAL is a multi-national construction and engineering company with over $5 billion of annual revenue, 130,000 employees worldwide and operating subsidiaries in, among other places, every country in the Middle East and North Africa (the “MENA Region”).

About Omagine, Inc.

Omagine, Inc. is a publicly traded U.S. company (Stock Symbol: OMAG) with 18,728,313 common shares presently outstanding. The Company is focused on real-estate, entertainment and hospitality opportunities in the MENA Region and on the design and development of unique tourism destinations that are thematically imbued with culturally aware, historically faithful, and scientifically accurate entertainment experiences. Governments in the MENA Region are seeking to diversify their economies and create employment for their citizens via the development of tourism destination projects. It is the Company’s opinion that this governmental strategic vision combined with the enormous financial resources in the MENA Region will continue to present superb development opportunities.

Investors or interested parties may visit Omagine’s website at www.omagine.com for more information about the Company or http://agoracom.com/ir/omagine which is the Company’s investor relations website."

DON'T SLEEP. Do your Due diligence.

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