SOURCE: Omega Commercial Finance Corporation
October 09, 2012 08:00 ET
MIAMI, FL--(Marketwire - Oct 9, 2012) - Omega Commercial Finance Corp. (OTCQB: OCFN) announces the signing of a Letter of Intent for the acquisition of a thriving, privately held national financial services company and RIA with $20MM in AUM, top-line revenue of $10 million, with a 2012 projected net profit of approximately $1.5 million for a total purchase price of $20 million through a share exchange agreement. Collectively, they have over 100 affiliated offices nationwide, more than 200 agents, approximately 40 RIAs, and written over a billion dollars in premiums. Operationally under OCFN's umbrella of companies, this acquisition will add a producing 100% wholly owned subsidiary with the current management team and current CEO in place. The company has a talented and dedicated staff headed by a CEO who has been groomed to take over the business from its founder and has worked for almost fifteen years in virtually every capacity. The founder of the company has been an industry leader in the insurance and financial planning business for more than 20-years. The company maintains a dynamic and experienced executive team that is well-positioned for greater market share and considerable growth. Jon S. Cummings IV, Chairman of OCFN states, "We intend to utilize this firm's infrastructure and current operations to vertically increase our lending operations. This can be accomplished by hiring up to 250 new Senior Lending Specialists at these affiliated offices to market our lending products and to utilize the company's RIA and registered representatives to market our fixed income commercial real estate capital markets products to their extensive client base. This in turn will increase both organizations' top-line revenues and more importantly, OCFN's bottom-line EPS. In short, we want to compete with other top financing firms."
Omega Commercial Finance Corporation ("OCFN") is a holding company focused on the merger and acquisition of undervalued, revenue generating, and financial service related companies that operate in the high-growth, niche-capital market sector. OCFN plans to leverage its status as a public entity to assist acquired companies to achieve and grow their profitability.
Statements contained in this news release, other than those identifying historical facts, constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual Company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Jon Cummings Email Contact
Jon Cummings Email Contact
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