MIAMI, June 23, 2009 (GLOBE NEWSWIRE) -- Omega Commercial Finance Corporation (Pink Sheets:OCFN) has announced that the Company has signed a Definitive Agreement to acquire a majority interest in EcoCalifornia, LLC. EcoCalifornia is currently in the process of revamping the development plan of a one of a kind golf resort and housing project for the Fresno, California, area.
The development called Running Horse consists of 440 acres of prime real estate complete with an 18-hole PGA sanctioned golf course designed by Jack Nicklaus. Current plans call for 620 single-family homes, 140 2-unit townhomes and 400 apartments all catering to senior citizens and military veterans. Additionally, there will be 96 apartments for workers to the area, a clubhouse/pro shop, a hotel/conference center, gas station, restaurant and an additional 180,000 sq. ft. of retail commercial development. Approximately 75% of all housing will be adjacent to the golf course.
Gary Timan Vigen, President of EcoCalifornia, LLC, stated, "For the last year and a half we have been working diligently with many of the land owners and the city of Fresno, California, to bring this project back into development." He also stated, "Once funding becomes available we look forward to talking to previous investors and individuals who had lot reservations with the original developers."
Jon S. Cummings IV, CEO, stated, "We are very excited about having the opportunity to come in and facilitate a cohesive plan in raising capital for EcoCalifornia, LLC and their development project." He also stated, "Upon our presentations of the project we anticipate investors coming from European investment groups who will be looking to take advantage of the weakening U.S. dollar as well as certain REIT Funds who have been sitting on cash waiting for opportunities to come along as the housing market seeks a bottom and starts to begin its journey back to stabilization."
More information concerning details of the Company's Definitive Agreement and Stock Exchange Agreement will be made available through its 8K filing with the SEC.
For more information on the Running Horse Development project please go to: www.runninghorsegolf.com
Safe Harbor
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