Omega Commercial Finance Corporation (OTCMKTS:OCFN) has recently provided a
comprehensive update on its efforts to become eligible for listing on a bigger stock exchange.
Listing Upgrade
The company plans to carry out its listing upgrade by first carrying out its broad growth strategy
plan, which involves mergers and acquisitions (M&As), and other collaborations.
"I believe when we can effectively convert these growth initiatives coupled with our updated
financials slated to be complete here in the next couple of weeks into positive milestones to
propel us into a dynamic level as a financial holding company for years to come,” assured Jon
Cummings IV, Omega Commercial Finance Founder and Chairman.
Growth Strategy
As part of this, Omega Commercial Finance has recently entered into an agreement with EFO
Financial Group, LLC under its subsidiary, which will take over from Omega Capital Street, LLC.
This will strengthen the focus of Omega Capital Street on a structured financial market for
Omega Commercial Finance. It will also enable Omega Capital Street to provide optimized
property-level financing solutions, leveraging the real-estate lending platform of EFO Financial
Group.
Moreover, in September, the company has concluded talks with a private investor regarding a
Stock Purchase Agreement (SPA) that amounts to $12.50 million or $3.12 per share. The deal
is expected to close this month, spearheading a new joint venture.
Last month, Omega Commercial Finance has also executed a non-binding letter of intent (LOI)
with a startup that seeks a Small Business Investment Company (SBIC) license. Through this,
the company can access more than $100 million in Small Business Administration (SBA) and
SBIC low-cost debentures.
Speaking of capital, earlier this year, Omega Commercial Finance has also secured a capital
contribution of $650,000, which is intended for the repositioning of a boutique hotel with a 15-
boat slip marina in the Florida Keys. The company has acquired the said property in a five-year
lease purchase contract. The ongoing repositioning and renovation, which is spearheaded by
Todd Buxton, Omega Commercial Finance CEO, has been confirmed to be in line with
schedule.
Omega Commercial Finance has lost 50% on Friday, concluding at $0.0001.
