Omega Signs Definitive Share Agreement with BBB Mexico Development

Feb. 11, 2011 - PRLog -- (Miami Beach Florida) Omega Commercial Finance Corporation (OCFN.PK) and BBB DEVELOPMENTS MEXICO Developments Mexico S de RL de CV, a Mexican limited liability company and the managing members and shareholder of BBB DEVELOPMENTS MEXICO have executed a Definitive Share Exchange Agreement focusing mainly on adding assets to the balance sheet. The underlying asset consists of a 3.09 acre parcel of land with an estimated 2008 MAI appraised “as is” value of $11,400,000 which fundamentally may increase Omega’s book value by .41 per share. As previously announced by Omega in 2009, Los Corales Luxury Hotel & Condominium project will have 298 direct ocean and beach front units located in Puerto Penasco, Mexico just 4 hours south of the Arizona border in the free trade zone also known as the Gulf of California/Sea of Cortez. The subject site is zoned and approved for the designed 18 stories and Omega believes this is a viable project once restructured with a proven luxury hotel operator and flag. Omega is currently involved in pending discussions with a major resort destination hotel operator/owner/flag and currently working on gathering information for their approval.  Hence, while management improves the project structure they believe there is an opportunity for Omega to build shareholder value concurrently. Jon S. Cummings IV states, “I believe the value of this asset may allow us to apply for a listing to the NASDAQ or AMEX and may open up the capital markets for us”.  Management intends to utilize this asset to leverage and build its balance sheet lending programs for both commercial real estate property loans and specialty finance-asset based loan programs for small business owners. Omega has an estimated $500 million dollar pipeline of CRE whole loans with a fair market value that approximates nearly $1.1 billion dollars, which is being originated internally. Omega is confident that they are becoming well positioned to take advantage of the increasingly growing demand in the United States-Abroad for alternative financing solutions. This market totals billions of dollars of potential requests and possibly millions of dollars annually, in part as a result of the upward influence on traditional bank rejections.  


Safe Harbor  

This release contains statements that constitute 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 appear in a number of places in this release and 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" and similar expressions and variations thereof 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, many of which are beyond Omega Commercial Finance Corp.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Omega Commercial Finance Corp. filings with the Securities and Exchange Commission.


Omega Commercial Finance Corp.
Investment Relations Department
contact@omegapublic.com  
www.omegapublic.com

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Omega Commercial Finance Corporation (OCFN.PK) is a publicly traded diversified commercial real estate finance holding company. The primary focus of the company is the underwriting and originating of whole loans.