SOURCE: Omega Commercial Finance Corporation

Omega Commercial Finance Corporation

December 11, 2014 08:00 ET

Omega Commercial Finance Corp. Announces Establishment of 10b5-1 Plan to Facilitate $200,000 Share Repurchase Program

MIAMI BEACH, FL--(Marketwired - Dec 11, 2014) - Omega Commercial Finance Corp. (OTC PINK: OCFN) (the "Company") today announced that it has established a 10b5-1 plan to facilitate the previously announced repurchase program of up to $200,000 in shares of the Company's common stock. The plan will be effected through a single designated broker Syndicated Capital, Inc. (the "Broker"). The discretion of purchases under the 10b5-1 plan is delegated to the Broker, who will exercise sole purchasing discretion pursuant to Ru1e 10b5-1 under the Securities Exchange Act of 1934, subject to the following conditions:

1. Timing: purchases under the 10b5-1 plan must not:
a. Constitute the opening transaction; or
b. Be made during the 30 minutes before the scheduled close of the primary trading session in the security's principal market and the 30 minutes before the scheduled close of the primary trading session in the market where the purchase is made.

2. Volume: The aggregate purchases on any given day must not exceed 25% of the purchased security's "ADTV" (the average daily trading volume reported for the security during the four calendar weeks preceding the week in which the Rule 10b5-1 purchase is to be effected).

3. Price: The purchases may take place at either the highest independent bid or the last transaction price quoted, whichever is higher.

The Broker will continue purchasing the Company's shares of Common Stock every day the trading market is open for the shares until it has exhausted available funds deposited in the Company's brokerage account. OCFN agrees to make cash deposits into the brokerage account in order to continue repurchases until it has reached its publicly disclosed limit of $200,000 in share repurchases.

Jon S. Cummings IV, Chairman and CEO of OCFN commented, "The implementation of this 10b5-1 trading program to facilitate our previously announced share repurchase program represents an important step toward optimizing the capital structure of the Company and demonstrates our commitment to creating, enhancing, and returning value to our shareholders."

About OCFN
Omega Commercial Finance Corp. is a publicly traded financial services holding company with its principal companies operating in the commercial real estate, finance, asset backed lending and advisory services, real estate sales and brokerage, and capital markets sector. 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 umbrella of companies are: Omega Capital Street, Omega Asset Backed Fund, Omega Factoring, Omega Venture Capital, Veriteck Holdings Inc., and AmericaVest Mortgage Trust Inc. 

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.

Contact Information

  • Omega Commercial Finance Corporation
    Investor Relations
    1-877-912-OCFN (6236) Ext. 0