SOURCE: Omega Commercial Finance Corporation
MIAMI, FL--(Marketwired - Jan 8, 2014) - Omega Commercial Finance Corporation, (OTCQB: OCFN) ("Omega") a publicly traded financial holding company responds to duplicitous and misleading statements issued by VFG Securities Incorporated ("VFG") in a recent press release dated January 6th 2014 regarding Omega's ownership in VFG.
On January 11, 2013 Omega and VFG entered into a Purchase & Option To Purchase Agreement (the "Agreement") to acquire 17% of VFG with an option to purchase the remaining 83%. As reported on the Form 8-K filed February 8, 2013, the purchase of the 17% interest in VFG closed on January 23, 2013 on which date Omega tendered and VFG received full cash consideration for such 17% ownership interest as set forth in the Agreement. Although, VFG terminated the option to purchase the remaining 83%, it had neither right nor ability to rescind nor take back Omega's 17% ownership interest, which Omega still owns today. Omega's purchase of such 17% was not contingent upon any future events and no written agreement between the parties allows for a rescission of such ownership interest. To the contrary all written agreements and closing documents for the transaction are clear and unequivocal as to Omega's ownership interest.
In addition, the Agreement between the parties requires VFG to make payment to Omega in the amount of $125,000 in the event that VFG terminated the option Agreement. VFG has not made such payment despite Omega's demands and a dispute has arisen between the parties. VFG clearly is attempting to use the press in an effort to sway Omega.
Jon S. Cummings IV, President of OCFN stated, "It's unfortunate that Mr. VanCliff has decided to not resolve this matter professionally and amicably."
Omega Commercial Finance Corporation is a publicly traded financial services holding company with a minority ownership stake in VFG Securities and VFG Advisors. Our principal companies operate through Omega Capital Street in the commercial real estate, finance, and capital markets sector. As a holding company, OCFN collectively along with its subsidiaries' management teams have 50-years combined experience and knowledge across these respective business lines.
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) our expectations regarding revenues and earnings; (ii) our growth strategy and operating strategy; and (iii) our ability to attract new registered representatives. 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.