MIAMI, June 11, 2009 (GLOBE NEWSWIRE) -- Omega Commercial Finance Corporation (Pink Sheets:OCFN) is pleased to announce that the Company has signed a letter of intent to acquire the majority interest of a 440 acre development project in Fresno, CA.
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, 400 apartments catering to senior citizens, 96 apartments for workers to the area, a clubhouse/pro shop, a hotel/conference center, gas station, restaurant and 180,000 sq. ft. of retail commercial development.
Because Fresno, CA. consists of a very flat valley landscape, a significant part of the marketing of the property and the golf course is in its unique dynamic elevation changes with rolling hills, large and dynamic views and vistas, giving the development a Palm Springs look and feel to the area. Approximately 75% of all housing and hotel views will be of the golf course.
Additionally, as of May 01, 2009, Fresno was ranked the 5th largest city in California and tied with San Jose as the fastest growing city in America. Even with current economic conditions the area has shown a consistent 2.2% growth rate. It is expected that Running Horse will easily meet the housing demands for the area.
Jon S. Cummings IV, CEO stated, "We consider Running Horse a diamond in the rough. The development has already had 49 million dollars invested in ground improvements and its future land developments will tie into both the growth in the area and what we feel will be the appropriate timing of an economic turnaround."
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: (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 Securities and Exchange Commission.