Omega Commercial Finance Signs Letter of Intent to Fund Initial $25 million for Los Corales Beachfront Resort Project
The following press release was issued today by Omega Commercial Finance:
MIAMI, April 6, 2009 (GLOBE NEWSWIRE) -- Omega Commercial Finance Corporation (OTCBB:OCFN) is pleased to announce that the Company through BBB Developments Mexico S de R de CV has signed a letter of intent with KSI Capital to fund a minimum of 25 million dollars for the development of their Los Corales project located in Puerto Penasco, Mexico.
KSI Capital considers themselves a leader in the private lender industry. Over the last 22 years they have developed a niche in servicing sophisticated industry leaders who require a higher level of service, knowledge, creativity and flexibility than what can be found with conventional capital providers. Additionally, KSI has recently funded several development projects in Central America and Mexico.
Omega, in conjunction with BBB Developments Mexico, have 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. The resort will be comprised of both condos and a hotel meeting the demands of individuals looking to retire, have a second home, or come for a short term stay. 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:
Chris Crane, BBB Developments Mexico, stated, "We are pleased to have the addition of KSI to our funding team. KSI representatives have visited the project in Mexico and are very pleased with its operation. KSI is an industry leader in the resort-financing sector and with their knowledge, we anticipate a smooth and fast closure."
Jon S. Cummings IV, CEO stated, "We look forward to KSI Capital's ability to bring a fast completion to this funding in order to begin the next phase of development for this project. Los Corales promises to be an exciting venture that we can all be proud of attaching our name to."
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.'s filings with the Securities and Exchange Commission.
CONTACT: Omega Commercial Finance Corporation
Investor Relations Dept.
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