Omega Commercial Finance Corp. today announced that its current balance sheet reflects an increase of more than $8.4 million in assets due to the acquisition of a luxury casino cruise ship - the “Omega Royale.” According to the press release, the increase encompasses the partial allocation of substantiated assets from the cruise ship onto its balance sheet.
Based on the current amount of shares outstanding, the company estimates the current shareholder book value to be 20 cents a share. Yesterday, the stock closed at $0.017. Following this morning’s news, the stock is currently trading at $0.0221, up 30% from yesterday's close, on 384,350 traded shares.
The company's management team confidently believes that the initiatives taken last year are the first of many strategic implementations designed to build corporate and shareholder value. For 2009, Omega Commercial Finance plans to acquire quality assets, as well as launch several new and diverse divisions for the company. It anticipates announcing full details on the structure of its new divisions and its newly formed Omega Opportunity Fund within the next quarter.
Jon V. Cummings IV, CEO, stated, “We are very pleased with our substantial increase in assets. Currently our balance sheet reflects our commitment in bringing shareholder value to potential investors and shareholders alike. It is no secret that 2008 has proven to be one of the most volatile economic climates since the late 1920’s. Because of this, we purposely chose to strategically hold back on our core operations in anticipation that our patience would pay off with better opportunities and abilities in accumulating assets while servicing middle tier commercial ventures as the economy and commercial real estate market continued to soften.
We now expect to start an aggressive implementation phase through our core operations in 2009, and are now poised to take advantage of an abundance of opportunities, through the acquisition of discounted performing notes, mortgages and properties which have been afforded to us by our patience.” He added, “Currently our recent stock price has suffered along with the market. However, this adversity has created an opportunity for investors to invest in a company whose current book value is much greater than its low trading price.”