Omega Commercial Finance Corp Signs LOI for Acquisition of Financial Planning Firm With $10MM Top-Line Revenue
(firmenpresse) - MIAMI, FL -- (Marketwire) -- 10/09/12 -- Omega Commercial Finance Corp. (OTCQB: OCFN) announces the signing of a Letter of Intent for the acquisition of a thriving, privately held national financial services company and RIA with $20MM in AUM, top-line revenue of $10 million, with a 2012 projected net profit of approximately $1.5 million for a total purchase price of $20 million through a share exchange agreement. Collectively, they have over 100 affiliated offices nationwide, more than 200 agents, approximately 40 RIAs, and written over a billion dollars in premiums. Operationally under OCFN's umbrella of companies, this acquisition will add a producing 100% wholly owned subsidiary with the current management team and current CEO in place. The company has a talented and dedicated staff headed by a CEO who has been groomed to take over the business from its founder and has worked for almost fifteen years in virtually every capacity. The founder of the company has been an industry leader in the insurance and financial planning business for more than 20-years. The company maintains a dynamic and experienced executive team that is well-positioned for greater market share and considerable growth. Jon S. Cummings IV, Chairman of OCFN states, "We intend to utilize this firm's infrastructure and current operations to vertically increase our lending operations. This can be accomplished by hiring up to 250 new Senior Lending Specialists at these affiliated offices to market our lending products and to utilize the company's RIA and registered representatives to market our fixed income commercial real estate capital markets products to their extensive client base. This in turn will increase both organizations' top-line revenues and more importantly, OCFN's bottom-line EPS. In short, we want to compete with other top financing firms."
Omega Commercial Finance Corporation ("OCFN") is a holding company focused on the merger and acquisition of undervalued, revenue generating, and financial service related companies that operate in the high-growth, niche-capital market sector. OCFN plans to leverage its status as a public entity to assist acquired companies to achieve and grow their profitability.
Jon Cummings
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Datum: 09.10.2012 - 12:00 Uhr
Sprache: Deutsch
News-ID 190552
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MIAMI, FL
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Commercial & Investment Banking
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