SOURCE: Omega Commercial Finance Corporation

Omega Commercial Finance Corporation

May 24, 2016 12:00 ET

Omega Commercial Finance Corporation Through Omega FLK Property LLC Executed a Lease Purchase Agreement for a Hotel & Marina Property in the Florida Keys

Management Has Future Plans to Reposition the Property as a Competitively Priced 4-Star Resort

MIAMI, FL--(Marketwired - May 24, 2016) - Omega Commercial Finance Corporation (OTC PINK: OCFN), a publicly traded financial holding company, executed a lease purchase agreement as of May 6th 2016 through its subsidiary Omega FLK Property LLC, (FLK) which will focus on acquiring and operating small "Boutique" hotel properties that are underperforming.

The property is located in Marathon, Florida within the beautiful Florida Keys and is comprised of 2.9 +/- acres of land, twenty-five (25) entitled transient hotel rooms, a pool and commons area, and dock with (20) boat slips. The hotel and marina is currently generating steady income operating with month-to-month rental units at a 100% occupancy rate. Per the lease to purchase agreement FLK has paid the current owner a security deposit of $80,000 and will have $25,000 in monthly lease payments for 5-years moving forward with an option to purchase the property at a future date at a pre-existing fixed price. FLK will be receiving prorated rents and tenant security deposits for the month of May.

FLK's mission is to transition from this month-to-month rental platform by creating a premier family-friendly peaceful resort hotel destination for family and couple's as a sought after picturesque vacation spot, a perfect setting for weddings, romantic getaways, and tropical venue to host special events. FLK has plans to hire a seasoned hotel management operator pursuant to renovations/repositioning and will rebrand the property under the new name of Bluewater Cay Hotel & Marina Resort.

Eran Danino, President of OCFN, states, "The property is in a premier location to strategically reposition the property with 4-star resort amenities yet competitively priced at 3-Star prices. We plan to accomplish this by allocating between $500,000 to $650,000 towards cap/x improvements that we believe will be comparable to those of a 4-star hotel and thereby supporting the increase of the ADR and occupancy rate. Ultimately, our macro view is that by repositioning this asset it will become one of the pieces to the puzzle incorporated into our plan to migrate to the NYSE in the near future."

FLK has plans within 30-90 days to begin renovations to add the amenities it believes are necessary to achieve a higher star independent rating from AAA and similar travel sites and agencies such as Travelocity, Orbitz, and Hotwire.

About OCFN
Omega Commercial Finance Corp. (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, Omega Asset Management, Omega FLK Property, VeriTrek Inc., and Branca Ribeiro Representocoes.

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.

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