Contact Information: CONTACT: Omega Commercial Finance Corporate Investor Relations Dept. Joseph M. Vazquez III (305) 728-5350 Email:
Omega Commercial Finance Signs Definitive Agreement to Acquire Compass Rolling Hills Estates Project in Waterford, CA
Omega Plans to Bring Entry to Middle Class Housing to Central Valley of California
| Source: Omega Commercial Finance Corporation
MIAMI, FL--(Marketwire - October 13, 2009) - Omega Commercial Finance Corporation (PINKSHEETS : OCFN ) is pleased to announce that the Company has signed a Definitive
Agreement to acquire The Compass Rolling Hills Estates development project
located in Waterford, CA.
Compass Rolling Hills Estates is an initial 827 acre real estate
development project adjacent to the City of Waterford, CA located in the
Central Valley of California. Contingent plans call for the acquisition of
another 339 acres for a total of 1,166 acres. Upon completion, it is
expected that the appraised development will be valued in excess of
$428,000,000. The location of this real estate development project is
considered ideal for this area since the foothills are seen as the perfect
location to live a vibrant lifestyle while raising a family.
Geographically, the development project will be nestled into the hills and
distant from the "flatlands" of the valley floor. This will also bode well
for avoiding congestion and traffic along the I-99 Freeway.
Compass Rolling Hills Estates executive management, with over 40 years of
successful real estate and land development experience in the San Diego and
Riverside County areas, plans on developing approximately 3,227 residential
units, 444,000 sq. ft. of commercial development, and a golf course.
Initially, plans are to meet the needs and demands of the housing shortages
for entry level and middle income housing in the area. Demographic studies
show an 8.7% increase in applications for building permits for the area
within the last 3 months and a 14% rise in the construction of single
family homes on a national level.
Omega Commercial's management believes that although the housing and
mortgage markets are still in a state of flux, this cycle has shown a
slight improvement as money and lending opportunities have started to come
back into the market. Additionally, the State of California has shown a
continued growth in population with feasibility and demographic studies
continuing to show the need for additional affordable housing. Omega
further believes that this project will meet and exceed the demand for
entry level and middle income housing to the Waterford and nearby Modesto
areas of California. It is anticipated that this particular market segment
will show the strongest demand, while having the ability to turn over the
quickest profit margins.
It is anticipated that the initial starting price of the residential homes
will fall in the median range of $150,000 with subdivision's having wide
greenbelt areas giving off a park like atmosphere complete with dedicated
pedestrian and bicycle paths. Plans also include multi-family dwellings
with beautiful town homes overlooking the golf course.
Jon S. Cummings IV, President for Omega Commercial Finance, stated, "We
have spent several months researching the potential development of this
area and feel very fortunate to have the ability to acquire this project."
He also stated, "We have every confidence that after this project is
funded, we along with our partners at Compass Rolling Hills Estates will
benefit exponentially from the strategic location of this project."
Jerry Murphy, Managing Partner for Compass Rolling Hills Estate, stated,
"This is a wonderful opportunity to provide first time home buyers a chance
for the American dream, while also bringing housing to many in the
retirement community. This will also provide the City of Waterford, as well
as the county, a golf course that has been talked about for decades." He
also stated, "In addition to homes, the project will bring with it all the
attributes necessary for a vibrant lifestyle. A tremendous effort has been
made to bring this development to fruition and we all look forward to
moving forward."
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.