Omega Announces Completion of Phase I
Los Corales Mexico Beachfront Resort Project
APRIL 14, 2009 - Omega Commercial Finance Corporation (OTCBB: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."
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