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Posts Tagged ‘OCFN’

MIAMI, April 30, 2009 (GLOBE NEWSWIRE) — Omega Commercial Finance Corporation (Pink Sheets:OCFN) has released the following statement to its shareholders:

In keeping with our pledge to increase transparency and improve the effectiveness of communication with our investor community, we are initiating a series of periodic updates to help keep potential investors and shareholders informed about our Company’s progress. The Board, management and staff of Omega Commercial Finance Corp. deeply appreciate your ongoing faith and support and want you to know that we are working hard to bring opportunities to this enterprise for sustainable, long term growth.

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Stocks reverse direction on upbeat economic data

Stocks recovered from opening losses to post modest gains on Tuesday as housing and consumer confidence data fueling hopes a recession was easing offset concerns that major banks may need to raise more money.

Citigroup Inc is talking to the U.S. government about its capital levels after receiving early results of its stress test, but if it needs more capital, it does not expect to get it from the government, people familiar with the matter told Reuters.

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Commitment for 50% Loan to Value, Valued At Approximately $58 Million for Mexico Resort Project

MIAMI, April 27, 2009 (GLOBE NEWSWIRE) — Omega Commercial Finance Corporation (Pink Sheets: OCFN) is extremely pleased to announce that the Company. through BBB Developments Mexico, has received a Pre-qualified commitment letter for financing from BBVA Bancomer Bank for the completion of their “Los Corales” resort project located in Puerto Penasco, Mexico.

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MIAMI, April 20, 2009 (GLOBE NEWSWIRE) — Omega Commercial Finance Corporation (OTCBB:OCFNE) is pleased to announce that the Company has engaged a new auditor, Randall N. Drake CPA, PA.

Mr. Drake has an extensive background in the public and private arena including stints as the Chief Financial Officer of a multi-million dollar manufacturing company for over 10 years and he was the Marketing Analyst for a Fortune 500 company, The Jim Walter Corporation. In addition, Mr. Drake has owned and operated public accounting firms for over the last 12 years. For more information on Mr. Drake, please visit http://rdrakecpa.com/.

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Stocks are lower after better-than-expected earnings report from Citigroup and GE

Wall Street struggled to find a direction Friday as investors sorted through better-than-expected earnings reports from banking giant Citigroup Inc. and industrial conglomerate General Electric Co.

Stocks fluctuated in the early going, making modest moves as investors were relieved the reports weren’t worse, but were mindful of the weakness that still pervades the financial sector.

Citigroup, considered to be one of the most troubled U.S. banks, reported a quarterly loss of just under $1 billion, less than analysts expected. And before paying preferred dividends, the bank turned a profit of $1.6 billion. A year ago, Citigroup suffered a loss of more than $5 billion.

Meanwhile, General Electric’s first-quarter earnings fell 36 percent, hurt by waning sales and a sharply lower profit at its ailing finance arm, GE Capital. But the results exceeded Wall Street’s forecasts.

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Stocks are mixed on bank earnings and mixed economic data

The Dow and S&P 500 lost ground on Thursday as some investors fretted about the quality of bank earnings, which weighed on financial shares, and after a report that IBM was not interested in further negotiations with Sun Microsystems Inc.

New U.S. housing starts fell more than expected in March after a surprise surge the previous month, government data showed on Thursday, dealing a blow to hopes that housing market stability was on the horizon.

The Commerce Department said housing starts fell 10.8 percent to a seasonally adjusted annual rate of 510,000 units, the second lowest on records dating back to 1959, from February’s downwardly revised 572,000 units.

New jobless claims fell more than expected for the second straight week, but the number of Americans continuing to receive unemployment insurance benefits rose above 6 million for the first time.

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