MIAMI, Apr 13, 2009 (GlobeNewswire via COMTEX) -- Omega Commercial Finance Corporation (OCFN)is very pleased to announce that the Company has completed the first of three phases of development for their Los Corales beachfront resort project located in Puerto Penasco, Mexico.
The completion of Phase I included obtaining all permits, engineering, testing, land preparation and deconstruction of the property. To date, approximately 4.6 million dollars has been spent on all overhead expenditures, marketing, permitting, insurance and legal expenses associated with Phase one's completion.
Phase II shall include underground construction, support structures, a desalinization plant, water treatment facility, sewer treatment facility and parking.
As previously reported, Omega, in conjunction with BBB Developments Mexico, has initiated plans to create "Los Corales," a 298 unit high-rise hotel/condo beach resort located on prime beachfront property. The resort will boast full scale amenities including luxurious landscaping, pools, jacuzzis, spas, a beach club, restaurants, a private beach and private pier leading into the ocean.
Los Corales is located in Puerto Penasco, a majestic beach resort community located on the Pacific side of Mexico and found in the same geographical region as Cabo San Lucas. The resort has already sold 30% of its units with all purchasers going to contract and fully executing their obligations.
For more information on Los Corales please go to: http://www.smallcapvoice.com/ocfn/los-corales
Jon S. Cummings IV, CEO stated, "We are extremely pleased with the progress of this project thus far. We look forward to moving into the second phase of this project in order to take advantage of the sharp reduction in labor and building material costs since the global recession hit."
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 SEC.
Omega Commercial Finance Corporation
Investor Relations Dept.
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SOURCE: Omega Commercial Finance Corporation