SOURCE: Omega Commercial Finance Corporation

Omega Commercial Finance Corporation

December 15, 2014 08:00 ET

Omega Commercial Finance Corporation's Subsidiary Omega Capital Street Arranged and Closed a $740,000 Flight Device Simulator Equipment Loan

MIAMI BEACH, FL--(Marketwired - Dec 15, 2014) - Omega Commercial Finance Corporation (OTC PINK: OCFN) and its wholly owned subsidiary Omega Capital Street arranged and executed the financing for a $740,000 flight training simulator for their client Avenger Flight Group, a Florida based flight training simulator company that is experiencing substantial growth throughout the U.S. Pedro Soros, owner of Avengers Flight Group LLC, stated, "Omega's private lender was very cooperative with the conditions of our extremely time sensitive acquisition. They illustrated the critical diligence necessary to close the loan and we greatly appreciate their collective efforts."

Omega Capital Street through its Finance Advisor, Pablo Machado, who worked exclusively on behalf of Omega and Avenger, was instrumental in facilitating the funding process. Mr. Machado brought to the table a key international private capital source that provided the direct funding for the promissory note. The note is secured by a $4.2 million flight training device with an annual 18% interest rate payment over a term of 12 months with a single six-month extension option. The Borrower contributed $522,345 of the actual $1.3 million equipment purchase price manufactured and sold by Lockheed Martin as well as paid a "Success Fee" earned and received by Omega. Eran Danino, CEO of Omega Capital Street, states, "I am gladly witnessing this particular phase of OCFN's growth plan begin to take traction, one that Jon S. Cummings, IV, Chairman of OCFN, and myself orchestrated with the support of the entire team of Finance Advisors specifically Pablo Machado as it relates to his efforts illustrated during this particular transaction. The key to its success is our ability to cultivate and utilize in-house private capitalization sources to quickly arrange time sensitive transactions."

Recent Activities of Operations

  • OCFN directed by its VP of Capital Markets, Dave Demarest, completed a private sale of 1,500 restricted shares of OCFN 18.25% Series 2020 Convertible Preferred Shares at $200.00 per share yielding $300,000 to the company.

  • OCFN recently announced a Stock Repurchase program with Syndicated Capital, a full service broker dealer. Since commencement OCFN has repurchased 200,000 common shares that will be retired to treasury. 

  • OCFN signed an exclusive financial advisory engagement agreement with a top New York boutique investment banking firm to assist company management with designing and implementing a capital markets strategy for OCFN's growth plans within its core commercial real estate property and asset backed lending platform and related business sectors. 

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, asset backed lending and advisory services, 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 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