MIAMI, April 15, 2009 (GLOBE NEWSWIRE) -- Omega Commercial Finance Corporation (OTCBB:OCFN) is pleased to announce that preliminary proforma numbers estimate the Company's book value to be approximately 86 cents per share.
Omega Commercial Finance Corp., a publicly traded holding company, has entered into diverse acquisitions of real estate projects over the last several months. Through the use of strategic acquisition methods utilizing creative stock exchange agreements, the Company has been able to increase its asset base and accumulate an impressive book value with proforma valuations continuing to increase.
Jon S. Cummings IV, CEO, stated, "As of our 2008 third quarter, we posted a book value of 28 cents per share. Since then we have successfully acquired two real estate projects that have exponentially increased our book value on a going forward basis. Because of this fact, we do not feel that our current stock price is indicative or reflective of this." He also stated, "We are currently working diligently to finalize an interest only debt financing that will help push our projects along and increase their value as they grow closer to completion."
Please go to the following link to find out more information about Omega's current commercial real estate projects:
http://www.smallcapvoice.com/ocfn/los-corales
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.