SOURCE: Omega Commercial Finance Corporation

Omega Commercial Finance Corporation

May 20, 2016 08:00 ET

Omega Commercial Finance Corporation Issues Shareholder Update on Progress in Transitioning to Fully Reporting Company Under the Securities Exchange Act of 1934 and Other Business Developments

MIAMI, FL--(Marketwired - May 20, 2016) -  Omega Commercial Finance Corp. (OTC PINK: OCFN) today updated shareholders on its progress in becoming current in filing reports under the Securities Exchange Act of 1934 (the "Exchange Act"), with a goal of becoming a fully reporting company, as well as on other business developments.

OCFN is in the process of completing the required historical audits of Veritrek Holdings, Inc. "Veritrek"), its majority-owned subsidiary, which will enable Omega to file past due reports on Forms 8-K, 10-K and 10-Q, thereby becoming current in its filings under the Exchange Act. Moreover, Omega's goal once it becomes current will be to formally register as a fully reporting company under the Exchange Act.

As Omega reported on a Form 8-K in March 2015, it acquired a 75% interest in Veritrek. VeriTrek currently maintains seven operating companies branded as Summit Real Estate Group ("SRG"), which are licensed as full service 100% commission brokerage firms specializing in providing residential and commercial real estate services through the United States. The SRG companies are inspired by technological advancements and innovative marketing strategies. SRG was founded on the principal of developing an ecofriendly, cost efficient and cloud-based platform for conducting real estate brokerage services. SRG has evolved into a national real estate brand of agents promoting a positive and professional culture.

Todd Buxton, OCFN's CEO stated, "We are excited for our future and believe the foundation and road map we have created through recent transactions over the past year will enable Omega to move forward to a potentially bright future for our shareholders."

In addition to the Veritrek transaction, this foundation includes the following additional business developments which we have reported on Form 8-K during the past twelve months:

  • In July 2015 OCFN announced that it had entered into a definitive share exchange agreement with Branca Ribeiro Representacoes Ltd, ("BRR") to acquire a 20% interest therein. BRR is a forest land and timber holding company that is among the largest privately held forest land-banks and timber/wood owned in all of Brazil with 345,453 acres of land. OCFN Management engaged an MAI certified appraiser using USPAP standards in order to verify the valuation of the 20% stake. Consummation of the transaction is subject to the appraiser's report and confirmation that OCFN will be able to timely meet Exchange Act reporting requirements after closing, as well as customary closing conditions. If we are able to consummate the transaction, our minority interest in BRR could significantly add to the assets on our balance sheet.

  • In September 2015, OCFN reported that we had engaged D. Brooks & Associates CPA's, P.A. as the company's independent public registered accounting firm. We engaged the firm with a view to OCFN becoming current in its past due filings, as well as to facilitate timely future reporting, ultimately as a fully reporting company under the Exchange Act.

  • In March 2016, OCFN reported that we had entered into various agreements with Mark Feanny, MD with respect to a one-year, $500,000 loan, which was funded in full on March 11, 2016. In connection therewith, Dr. Feanny joined our board of directors. This recent capital infusion is being used to pay costs associated with our becoming current in our Exchange Act filings and for related working capital purposes.

Eran Danino, Omega's President noted, "This capital is being instrumental in allowing us to pave the way to execute many of our planned business initiatives by providing the financial resources to permit us to cement the foundation for our future growth strategy."

About OCFN
Omega Commercial Finance Corporation (OTC PINK: OCFN) is a publicly traded financial services holding company whose principal subsidiaries operate in the commercial real estate, finance, real estate sales and brokerage, and capital markets sectors. 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 subsidiaries are; Omega Capital Street LLC, Omega FLK Property LLC, Omega Asset Management LLC and VeriTrek Holdings.

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

  • For Further Information Contact:
    Omega Commercial Finance Corporation
    Investor Relations
    email: IR@omegapublic.com