(OTCBB:OCFN) Omega Commercial Finance Corp.

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Omega Set to Launch Its Omega Opportunity Fund I and Focus on Quality Commercial Real Estate Development Projects
Wednesday August 20, 12:01 pm ET
What Banks Consider Risk... Omega Considers Opportunities

MIAMI-Omega Commercial Finance Corporation is pleased to announce the creation and anticipated launching of its Omega Opportunity Fund I, LLP. The focus of the fund shall be to identify distressed commercial real estate development projects that have been delayed, or in some cases, temporarily halted in the US and Canada. The fund?s unique strategy is to optimize development stage projects and, upon their completion, produce a high quality stabilized asset. The fund has already identified multiple high end office, hotel, retail, and multifamily dwellings.
Specific criteria set by the Opportunity Fund must be met by the projects in order to qualify for funding. Additionally, the development must be prepared for immediate vertical construction, with a proven development team in place. The exit strategy of the fund, since their ?cost of capital? to the borrowers will exceed standard bank rates, is to allow Omega?s lending arm the ability to structure the permanent financing.

The slogan for the Omega is ?What Banks Consider Risk? We Consider Opportunities.? This concept will now create options that are vital to middle market borrowers seeking alternative financing for their troubled projects. Since traditional banks have tightened their guidelines and lending requirements, and drastically reduced their exposure to the middle-tiered commercial real estate market, many excellent commercial real estate development projects have developers either sitting on their hands in the hopes of banks loosening their stringent lending requirements, have been forced into selling or liquidating to vulture hedge funds at pennies on the dollar, or have ultimately filed for bankruptcy. Because of this, the fund has positioned itself to take advantage of this increasingly growing demand in the United States and Canada.
Omega Commercial Finance has also agreed to work exclusivity with AJM Development Inc., a Commercial Real Estate Development Company based out of Arizona, to identify quality projects that fit the requirements of the Omega Opportunity Fund I. Andrew McAdams, President of AJM, has worked with Omega on this project over the past year. Collectively, they have locked-up $2.1 billion in projects ranging from 5 star flagged hotel developments located in major metropolitan areas to Class ?A? office developments and waterfront developments with retail as the majority core assets. Also, Omega, with the assistance of AJM, has arranged up to $360 million dollars of capital through Letters of Intents in order to launch the fund, and both anticipate capitalizing the fund with up to $1 billion Dollars by year end, to finance some of the more urgent projects in the pipeline.
Jon S. Cummings IV, President and CEO, stated, "We believe that this fund will allow us the ability to employ our financing programs and pursue additional growth opportunities that will benefit our shareholders while generating above average returns. In addition, the transactions are anticipated to generate significant capital and will allow us the ability to redeploy into other financing opportunities which is our core business.? He also added, ?This will be the first of many funds Omega hopes to launch. We are actively meeting with fund mangers in order to structure an alliance with a top-tier commercial real estate investment management firms that can co-manage the fund. Co-manager?s must specialize in development stage projects with over $500 million in assets and have a proven track record. This will allow Omega to augment their expertise and present the fund to Omega?s institutional quality commercial real estate capitalization sources.?

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: financing plans; trends affecting its financial condition or results of operations; 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.

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