Omega Commercial to Acquire Majority Interest in EcoCalifornia
Plans to Succeed Where the TrumpOrganization Failed
JUNE 23, 2009 - Omega Commercial Finance Corporation (Pink Sheets:OCFN) has announced that the Company hassigned a Definitive Agreement to acquire a majority interest inEcoCalifornia, LLC. EcoCalifornia is currently in the process ofrevamping the development plan of a one of a kind golf resort andhousing project for the Fresno, California, area.
The development called Running Horse consists of 440 acres of primereal estate complete with an 18-hole PGA sanctioned golf coursedesigned by Jack Nicklaus. Current plans call for 620 single-familyhomes, 140 2-unit townhomes and 400 apartments all catering to seniorcitizens and military veterans. Additionally, there will be 96apartments for workers to the area, a clubhouse/pro shop, ahotel/conference center, gas station, restaurant and an additional180,000 sq. ft. of retail commercial development. Approximately 75% ofall housing will be adjacent to the golf course.
Gary Timan Vigen, President of EcoCalifornia, LLC stated, "For the lastyear and a half we have been working diligently with many of the landowners and the city of Fresno, California, to bring this project backinto development." He also stated, "Once funding becomes available welook forward to talking to previous investors and individuals who hadlot reservations with the original developers."
Jon S. Cummings IV, CEO stated, "We are very excited about having theopportunity to come in and facilitate a cohesive plan in raisingcapital for EcoCalifornia, LLC and their development project." He alsostated, "Upon our presentations of the project we anticipate investorscoming from European investment groups who will be looking to takeadvantage of the weakening U.S. dollar as well as certain REIT Fundswho have been sitting on cash waiting for opportunities to come alongas the housing market seeks a bottom and starts to begin its journeyback to stabilization."
More information concerning details of the Company's DefinitiveAgreement and Stock Exchange Agreement will be made available throughits 8K filing with the SEC.
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