SOURCE: Omega Commercial Finance Corporation

Omega Commercial Finance Corporation

December 03, 2014 08:30 ET

Omega Commercial Finance Corporation Hires Syndicated Capital, Inc. to Administer Their Common Stock Repurchase Plan

MIAMI BEACH FL--(Marketwired - Dec 3, 2014) - Omega Commercial Finance Corporation (OTC PINK: OCFN) announces in a recent 8-K filed its Board of Directors approved a stock buyback program (the "Share Repurchase") for up to $200,000, which the company expects to commence immediately and terminate on June 1, 2015. Pursuant to this program, OCFN has retained Syndicate Capital, Inc., a registered broker-dealer, as broker on any buyback of the Company's stock. The shares are expected to be acquired at prevailing prices through open market transactions. The manner, price, number, and timing of share repurchases will be subject to market conditions and applicable to SEC rules.

OCFN's management team, together with its Board of Directors, believes that the stock buyback program is in the best interest of the company and its shareholders. Eran Danino CEO of Omega states, "We believe that our stock is deeply undervalued and through this buyback program demonstrate our commitment to enhancing shareholder value."

2014 Recent Accomplishments
Over the course of the year Management has orchestrated a diversified umbrella of companies through various acquisitions including a minority stake in adding a lending platform through AmericaVest CRE Mortgage Funding Trust, a full commercial real estate REIT and a 7-yr old cash flowing business in Veriteck Inc, a holding company of a full service "CLOUD BASED" residential & commercial real estate sales and brokerage firm branded as SRG Reality. Management believes Veriteck Inc. is a very compelling acquisition in that they currently, based on unaudited financial statements over the past aggregate 3-years, have yielded real estate sales of $1.3 billion and generated gross commission i.e. income of $30-million with an average profit margin of 22%. Jon S. Cummings IV Chairman of OCFN states, "Veriteck currently hired an accountant and thus we are now diligently working with their management team and our accounting team to assist in facilitating GAAP accounting standards that can be audited and eventually consolidated as a majority owned subsidiary of OCFN."

About OCFN
Omega Commercial Finance Corporation is a publicly traded financial services holding company with its principal companies operating in the commercial real estate, finance, 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 these 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