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Omega executes non binding agreement with casino cruise ship5 June 2008MIAMI, Florida -- (PRESS RELEASE) -- Jon S. Cummings IV, President/CEO, Jon S. Cummings III, Chairman, and the Board of Directors of Omega Commercial Finance Corporation (OTCBB:OCFN) have executed a "Non Binding Plan of Merger Agreement" with the owner and operator of a regional casino cruise ship enterprise. Omega is a public holding company with integrated subsidiaries engaged consultation, management, and the finance of structured commercial real estate projects. The casino cruise ship merger is considered a potentially ideal fit for Omega. Through alignment with core asset owners, Omega will be strategically positioned to provide high yield debt commercial real estate finance programs to middle market borrowers. Merging assets through utilization of its publicly traded platform will strengthen Omega's ability to utilize capital markets to enhance value to their shareholders. Omega, through its subsidiary investment banking arm, will seek to capitalize the operations with an undisclosed amount for improvement to commence business in early 2009. Present market data indicates that once fully operational, this vessel will be capable of generating significant financial returns which will augment Omega's overall balance sheet. The subject cruise ship was most recently deployed in the Florida's offshore casino cruise industry, operating in the Gulf of Mexico. This vessel was constructed in 1982 and encompasses approximately 40,000 square feet of gaming space. Subsequent to a merger, the ship is intended to be semi-permanently moored, and cater to the offshore metropolitan New York City area. Located approximately three miles offshore in international waters, multiple U.S. Flag shuttles will transport casino clientele to the ship. |