Omega Commercial Finance Corp (fka OCFN)

[nitetrak]

Nice News behind this spike in price/volume.

Omega Commercial Finance Estimates Proforma Book Value At 86 Cents Per Share
Latest Acquisition of Tuxedo Park, NY Project Increases Proforma Book Value
Wednesday April 15, 2009, 10:31 am EDT
Buzz up! Print Related:Omega Commercial Finance Corp.
MIAMI, April 15, 2009 (GLOBE NEWSWIRE) -- Omega Commercial Finance Corporation (OTC BB:OCFN.OB - News) is pleased to announce that preliminary proforma numbers estimate the Company's book value to be approximately 86 cents per share.

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Omega Commercial Finance Corp., a publicly traded holding company, has entered into diverse acquisitions of real estate projects over the last several months. Through the use of strategic acquisition methods utilizing creative stock exchange agreements, the Company has been able to increase its asset base and accumulate an impressive book value with proforma valuations continuing to increase.

Jon S. Cummings IV, CEO, stated, ``As of our 2008 third quarter, we posted a book value of 28 cents per share. Since then we have successfully acquired two real estate projects that have exponentially increased our book value on a going forward basis. Because of this fact, we do not feel that our current stock price is indicative or reflective of this.' He also stated, ``We are currently working diligently to finalize an interest only debt financing that will help push our projects along and increase their value as they grow closer to completion.'