Omega Commercial Finance Corp. Completes Acquisition of Luxury Casino Cruise Ship with Oceans 21-Miami LLC

MIAMI--(BUSINESS WIRE)--Omega Commercial Finance Corporation (OTCBB:OCFN) announced today that it has finalized its acquisition of a luxury casino cruise ship with Oceans 21-Miami LLC (“Oceans 21”) and its majority shareholder. The casino cruise ship’s name shall be changed to the “Omega Royale” and will be deployed in international waters as part of the offshore casino cruise industry.

The Omega Royale will be a 100,000 square foot ultra luxurious resort style casino vessel equipped with a 49,000 square foot, state-of-the-art casino that will include approximately 500 player tracking slot machines and 64 table games consisting of Baccarat, Black Jack, Craps and Roulette. The plush style casino will be spread over four decks, which will be connected via elevators and escalators. A complete Vegas Style Sports Book will afford gamblers the opportunity to wager 24 hours a day on various sport competitions including basketball, baseball, boxing, football, golf, hockey, soccer and horse racing.

Resort style amenities such as multiple lounge venues, a Grand Show Room with headliner & production shows, expansive outdoor decks with several dining options ranging from ‘All You Can Eat’ buffets, to luxury gourmet 4 star dining with white glove treatment, will adhere to the wide range of gamblers the ship expects to draw. Special attention shall be paid to the ships VIP facilities. The company anticipates including luxury suite accommodations, a VIP lounge, a world-class Asian spa, business conference facilities and retail boutique shops. High Rollers will enjoy the luxury of having the ability to fly in on the vessels VIP heliport.

Omega Royale expects to compete primarily with other gaming operations within a one hundred mile radius. Management believes that their casino operations have a distinct competitive advantage over its primary competitors. Visitors who prefer playing Roulette, Baccarat, Craps, a wider variety of slot games and the ability to wager on sports will have the ability to do so on the Omega Royale.

Additionally, through strategic planning, the company has identified an unprecedented way to turn over its gambling clientele several times a day without the vessel having to leave its international waters. The use of two catamaran shuttles will give the company the ability to transport up to 300 gambler’s less than 60 minutes allowing the casino and its operations to run at full capacity virtually 24 hours a day. This unique ability to sustain constant gambling operations mixed with the vessels 2,000 passenger capacity should allow for a consistent revenue stream for the company and its operations.

The anticipated launching of the Omega Royale is scheduled to coincide with the 2009 Super Bowl, one of the foremost gambling days of the year in Tampa, Florida. Omega Royale will cater to the offshore major metropolitan areas and will be located in international waters with its multiple U.S. Flag catamaran passenger shuttles. Additionally, as a “foreign-flagged vessel” the Omega Royale can dock anywhere in the US and abroad.

Jon S. Cummings III, Chairman, stated, “We are extremely pleased with the definitive acquisition of this vessel. This marks our first completed acquisition as a publicly traded holding company. A tremendous amount of effort and negotiations went into this project and we are happy in meeting with our objective of adding strong tangible assets that will undoubtedly produce steady income stream to our balance sheet.” Additionally, he stated, “In today’s current market conditions, creative and diversified strategies with imbedded values, a strong business model, and the ability to execute is necessary in order to achieve our competitive edge for the foreseeable future and to bring value to our shareholders.”

Please refer to the company’s latest 8-K filing with the SEC for more information on the acquisition of its luxury casino ship.

About Omega Commercial Finance Corp.

Omega Commercial Finance Corporation, through its subsidiary, Omega Capital Funding LLC offers financing for real estate markets in the United States. The company provides short and medium term loans to borrowers primarily consisting of commercial real estate developers and speculators, business owners, landlords, and owners of core and non-core assets. It focuses on various alternative commercial real estate financing with an emphasis on loans secured by commercial real estate and also on financing non-core assets, including ground up developments and un-entitled land developments, as well as core assets, including office buildings, multi-family residences, shopping centers, and luxury residential estates.

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.