Omega Commercial Finance Corporation (OTCQB: OCFN), a publicly traded financial holding company, is pleased to announce the execution of a Letter of Intent (LOI) with Aviva Systems Corporation ("Aviva") to form Omega Technology Finance LLC.
OCFN plans to capitalize the new subsidiary from their recently developed relationship with private investors such as the groups whom recently purchased OCFN common stock, through a Stock Purchase Agreement, at $0.10 per share. Management is in negotiations to arrange support for this lending subsidiary with new capital in the amount of up to $10 million.
This will add to the diversified umbrella of financing subsidiaries OCFN has built as a holding company. Omega Technology Finance in particular will focus on the financing and investment opportunities within emerging technologies for which intellectual properties are the core asset(s) underwritten and secured by short to medium term equity and debt financing. Josef Garcia, Aviva's CEO, added, "We were immediately impressed with OCFN's ability to access the capital markets, which garners immediate synergistic opportunity to work together in bringing currently identified technologies to market -- both in Israel and in the United States."
Aviva has dedicated the past several years in developing and cultivating its relationships within the Information Technology sector in Israel, primarily working with the top Israeli Universities and high-ranking Israeli academics within their technology transfer departments.
Pursuant to the LOI, the management and oversight services of Aviva Systems Corporation ("Aviva") will be retained to assist in identifying, researching, underwriting, and facilitating such financing investments opportunities. More importantly, Management believes this is another opportunity to diversify the lending platform from a high-demand and growth sector within an inherent marketplace.
About Us:
Omega Commercial Finance Corporation is a publicly traded financial services holding company with minority ownership stake in VFG Securities and VFG Advisors. Our principal companies operate in the commercial real estate, finance, and capital markets sector. As a holding company, OCFN collectively along with its subsidiaries' management teams have 50 years combined experience and knowledge across these business lines.
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This release contains 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 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) our expectations regarding revenues and earnings; (ii) our growth strategy and operating strategy; and (iii) our ability to attract new registered representatives. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential," "project" and similar expressions 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 and that actual results may differ materially from those projected in the forward-looking statements.
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