Omega Commercial Finance Signs Definitive Agreement to Acquire Sterling Mine Commercial Development Project
(OTCBB: OCFN)
Released Wednesday March 11, 8:00 am ET
(New York Commercial Real Estate Project Valued at $7,500,000)
MIAMI, March 11 /PRNewswire-FirstCall/ -- Omega Commercial Finance Corporation (OTC Bulletin Board: OCFN - News) is pleased to announce the signing of a Definitive Agreement to acquire, through a share exchange agreement, the Sterling Mine commercial real estate project located in Tuxedo Park, NY.
As previously announced, the Sterling Mine commercial real estate project is comprised of 30,654 sq. ft. of office and retail space located on 4.8 acres of prime real estate in Tuxedo Park, NY. The project is currently close to 75% complete and will be primarily comprised of retail space with adjoining office facilities. As of this date, Omega has been furnished with executed letters of intent that include 5 year occupancy terms by a local leasing agent. These agreements currently represent an occupancy rate of 84% upon completion of the project.
Tuxedo Park, NY. is known as a highly coveted community located approximately 35 minutes outside of New York City. The project location is strategically placed between commuter railway stations servicing the area and constant recreational traffic seeking the immensely popular facilities at Greenwood Lake, which hosts some of the Hudson Valley's most extraordinary natural wonders and attractions. Situated on the cusp of New York and New Jersey, the area evidences a median residential sales price of $315,000 which is the fifth highest residential market in the State of New York. While overall growth in the U.S. housing market has become stagnant, there is still ongoing residential development in Tuxedo Park, which attests to the continued growth of that area.
Jon S. Cummings IV, CEO stated, "We are very pleased with the signing of a Definitive Agreement for this project. We have established a specific niche in the commercial real estate market which has enabled us to expand our real estate holdings and increase our book value which currently sits at 30 cents per share before any pro-forma calculations. We are confident that this recent addition will be an excellent addition to our existing portfolio of projects."
Safe Harbor
This release contains statements that constitute 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 appear in a number of places in this release and 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) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof 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, many of which are beyond Omega Commercial Finance Corp.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Omega Commercial Finance Corp. filings with the Securities and Exchange Commission.
CONTACT: Omega Commercial Finance Corporation
Investor Relations Dept.
Joseph Vazquez,
305-677-0306
__________________________________________________
MyMetics (OTCBB: MYMX)
Mymetics Corporation Acquires Virosome Biologicals B.V.
Released on Monday March 9, 9:56 am ET
This Acquisition Advances Mymetics' Corporate Strategy to Expand Its Vaccine Portfolio and Enhances Mymetics' Implementation of the Virosome Delivery Technology
NYON, Switzerland, March 9, 2009 (GLOBE NEWSWIRE) -- Mymetics Corporation (http://www.mymetics.com/) (OTC BB:MYMX.OB - News) announced today that it has signed a Share Purchase Agreement to acquire 100% of Bestewil Holding B.V., parent company of Virosome Biologicals B.V., from Norwood Immunology Limited (LSE:NIM.L - News) for cash and considerations.
Virosome Biologicals B.V. is engaged in the development of a proprietary vaccine delivery platform (virosome) as well as intranasal influenza and RSV vaccines. Under the terms of the Share Purchase Agreement, Antonius Stegmann, co-founder and CSO of Virosome Biologicals B.V, will remain CSO of Virosome Biologicals B.V.
The acquisition of Virosome Biologicals will expand Mymetics' current portfolio of vaccines which includes an HIV/AIDS early stage preventative vaccine in a Phase I Human Clinical trial in Belgium, and a Malaria vaccine currently in a Phase Ib Human Clinical trial in Tanzania. The acquisition brings two collaborations, an Influenza vaccine in a Phase II Human Clinical trial in collaboration with the Solvay Group (NYSE Euronext SOLB.BE), and in collaboration with MedImmune, a Respiratory Syncytial Virus (RSV) vaccine under pre-clinical testing used to treat a major cause of respiratory illness in young children, as well as Bestewil's Herpes Simplex Virus development, for a total pipeline of three vaccine candidates.
The closing will take place on April 1, 2009. The purchase price of EUR7.5 million (US$9.4 million) includes cash of EUR5 million, a secured 36 month 5% convertible and redeemable note of EUR2.5 million, as well as options with a value of approximately US$9.6 million. Conversion will be at the lesser of US$0.80 or the issue price of the shares of common stock that the Corporation intends to issue after the closing date for the purpose of raising the necessary funds to repay the bridge loan. Further consideration to be paid after completion of the Share Purchase Agreement includes: * A payment of up to EUR2.8 million in cash in the event of a license agreement being signed with a third party to access Bestewil intellectual property and know how in the field of RSV (Respiratory Syncytial Virus) ("RSV Licence:), * A payment of up to EUR3 million in cash should Solvay Pharmaceuticals B.V., a member of the Solvay Group (2006 sales US$3 billion), commence a Phase III clinical trial for its intranasal influenza vaccine, * A payment of 50% of Mymetics net royalties received from a RSV License, payable in cash to Norwood, * A 25% share of any net amounts received by Mymetics from a third party HSV (Herpes Simplex Virus) License based upon Bestewil intellectual property payable in cash.
Further details may be found in the Share Purchase Agreement incorporated in the company's Form 8-K filed with the Securities & Exchange Commission on March 9, 2009.
``This second acquisition fits into our corporate strategy; it increases our vaccine portfolio from two to three vaccines, it enhances the virosome delivery methodology, and it strengthens our research and development team,'' stated Christian Rochet, CEO, Mymetics Corp. ``The enlarged company will have increased research capabilities, an expanded intellectual property portfolio and a strong set of clinical trials in the field of immunology,'' continued Christian Rochet.
About Virosome Biologicals B.V.
Virosome Biologicals B.V., located in Leiden, Netherlands is focused on the development of virosome based vaccines. The Solvay influenza vaccine using a Virosome Biologicals adjuvant is currently in Phase II Human Clinical trials utilising Virosome Biologicals' virosome adjuvant.
On December 5th 2008 Virosome Biologicals B.V. signed a six month exclusive evaluation agreement for their virosome vaccine technology with MedImmune, an AstraZeneca subsidiary and recognized leader in vaccine research and development. Virosome Biologicals B.V. agreed to an exclusive six month collaborative research programme with MedImmune in exchange for an exclusivity fee and the reimbursement of certain costs associated with identified MedImmune vaccine candidates and the Virosome Biologicals B.V.'s virosome technology.
Virosome Biologicals have also developed a proprietary method of producing virosomes that maintain an excellent membrane fusion activity, a key component in the initial stimulation of the immune system. Virosome Biologicals' adjuvanted virosome technology is licensed to Solvay for the development of intranasal influenza vaccines, with milestones and royalties payable to Virosome Biologicals as the clinical development and commercialisation progresses. Solvay is responsible for clinical trials as well as the development and commercialisation of the vaccine and has successfully concluded a Phase I Human Clinical trial thus triggering a milestone payment to Virosome Biologicals. The vaccine was found to be safe and well tolerated. Solvay is continuing to test the vaccine in Phase II Human Clinical trials.
About Mymetics In February 2009 Mymetics announced the success of its pre-clinical HIV/AIDS viral challenge. The proven success of their vaccine in primates could not have been more compelling: the vaccinated group either proved resistant to the virus or remained at a non detectable level, whereas the non-vaccinated animals were completely infected. This success further prompted Mymetics to apply to the competent European regulatory authority to authorize the commencement of the Phase I Human Clinical Trials. Approval was granted in December 2008.
Mymetics Malaria vaccine has completed a first round of Human Clinical trial Phases I and II on adults in Switzerland and in the U.K., for testing of an initial two-antigen formulation. A Phase 1b clinical trial has been launched in Tanzania to extend the protocol to children and teenagers in a naturally endemic area with results expected in Q3 2009. A new cycle of Phase I and II Clinical trials with five antigens is scheduled thereafter in Q1 2010.
The Mymetics Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5478
Safe Harbor Forward-Looking Statements
Statements contained in this release that are not strictly historical are ``forward-looking statements.'' Such forward-looking statements are sometimes identified by words such as ``intends,'' ``anticipates,'' ``believes,'' ``expects'' and ``hopes.'' The forward-looking statements are made based on information available as of the date hereof, and the Company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause the Company's actual results to differ materially from those in these forward-looking statements. Such risks and uncertainties include but are not limited to demand for the Company's products and services, our ability to continue to develop markets, general economic conditions, our ability to secure additional financing for the Company and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.
Safe Harbor This release contains statements that constitute 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 appear in a number of places in this release and 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) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof 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, many of which are beyond Omega Commercial Finance Corp.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Omega Commercial Finance Corp. filings with the Securities and Exchange Commission.
EMC reserves the right to buy and sell in the securities profiled in our emails. Never invest in small cap security unless you can afford to lose your entire investment.
Disclaimer
Section 17(b) of the Securities Act of 1933 requires that any person that uses the mails to publish, give publicity to, or circulate any publication or communication that describes a security in return for consideration received or to be received directly or indirectly from an issuer, underwriter, or dealer, must fully disclose the type of consideration (i.e. cash, free trading stock, restricted stock, stock options, stock warrants) and the specific amount of the consideration. In connection therewith, EMC has received the following compensation and/or has an agreement to receive in the future certain compensation, as described below:
EMC has a March 3, 2009 agreement with Small Cap Voice to provide various services to OCFN for a twelve (1) month period. The agreement may be renewed for additional one (1) month periods ("Renewal Term"), unless EMC or SCV provide written notice of termination to the other party. The terms of the agreement provide that Small Cap Voice will pay EMC the following compensation for its services: 240,000 free trading shares. EMC intends to sell these shares. This could have a negative impact on the market.
EMC has a August 20th,2008 with SIDC SA to provide various IR services on behalf of MYMX mymedics. The terms of this agreement provide that EMC be paid 200,000 free trading and intends to recive 400,00 restricted shares for 120 days of services. To date EMC has recived 200,000 shares
Visit http://www.emergingmarketsllc.com/ for full disclaimer
No comments:
Post a Comment