Document:

ex10-5.htm

 

Exhibit 10.5

 

Press Release

FOR IMMEDIATE RELEASE

	
Contact:

	
Company Contact:

	
A. Bruce Crawley

	
Evelyn F. Smalls

	
Millennium 3 Management

	
United Bank of Philadelphia

	
Phone: 215-751-0140

	
Phone: 215-231-3670

	
Email: abcrawley@m3mpr.com

	
Email: esmalls@ubphila.com

United Bank of Philadelphia, an African-American-Controlled Institution, Comments on Consent Agreement with FDIC and Pennsylvania Department of Banking

Philadelphia, PA, March 2, 2012 – United Bank of Philadelphia, one of the nation’s 28 FDIC-insured African-American-controlled banks, today announced that it has voluntarily entered into a consent agreement with the Federal Deposit Insurance Corporation (FDIC) and the Pennsylvania Department of Banking, which is designed to strengthen the bank’s capital and improve its financial performance.

In January 2012, as a result of a regulatory examination as of June 30, 2011 completed in September 2011, the Bank received a Consent Agreement from its primary regulators with regard to, among other things, achievement of agreed-upon capital levels and the development of a capital plan; the implementation of a viable earnings/strategic plan; the implementation of a classified asset reduction plan and enhancement of its Loan Policy; and, the completion of a management review.  Management is in the process of addressing all matters outlined in the Agreement and believes that the Bank will comply with the Agreement’s terms and conditions.

Evelyn Smalls, Chief Executive Officer of United Bank, said, “The board and management of the Bank have acknowledged and appreciate the partnership with both the FDIC and the Department of Banking in determining a new strategic direction for the Bank.  Given the lingering impact of the recession on the entire financial services sector and our specific and critical focus on the African-American community, the board and management will use the Agreement as a roadmap to improving the performance of the Bank.  We look forward to working in partnership with our regulators in this effort to continue to provide much needed products and services to the Philadelphia region.

The agreement, according to Smalls, will not impact the Bank’s ability to support its customers, and the accounts at the bank continue, as has always been the case, to be insured up to $250,000 per depositor, by the Federal Deposit Insurance Corporation.

 

  

  

  

 

 

United Bancshares, Inc. is an African American controlled and managed bank holding company for United Bank of Philadelphia, a commercial bank chartered in 1992 by the Commonwealth of Pennsylvania’s Department of Banking.  The Bank provides full-service community banking in Philadelphia’s neighborhoods that have traditionally been underserved by commercial banks.

 

The Bank is a certified Community Development Financial Institution, and a certified Community Development Entity.  It currently has assets totaling $77 million, twenty-five ATM locations, and three full-service branch offices located in densely populated growth communities in Philadelphia.

 

Forward Looking Statement

 

The foregoing material contains “forward looking statements” as defined in the federal securities laws.  Forward looking statements provide our current expectations or forecasts of future events.  The words often include but are not limited to “may,” “would,” “should,” “could,” “will,” “likely,” “possibly,” “expect,” “anticipate,” “intend,” “estimate,” “potentially,” “probably,” “contemplate,” “continue,” “plan,” and “believe,” or other similar words and phrases may identify forward looking statements.  Forward looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward looking statements.  Our actual results could differ materially from those anticipated in forward looking statements and for many reasons, specifically as described in our filings with the Securities and Exchange Commission.  Accordingly, you should not place any undue reliance on any forward looking statements, which speak as of the date of this communication.  We do not undertake, and specifically disclaim, any obligation to publicly revise any forward looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events.  You should, however, review the factors and risks we describe in the reports we file from time to time with the Securities and Exchange Commission, including those filed after the date of this communication.

###ex101.htm

Exhibit 10.1

 

March 5, 2012

Omagine, Inc.’s Vice-President & Director, Mr. Charles P. Kuczynski, is providing the following comments to update our shareholders and in response to several recent comments and questions raised by certain shareholders on our investor relations message board at Agoracom.

 

“I empathize with our shareholders frustration over the many delays in getting the DA signed and, based on my close communication with our management team in Oman, the following is my understanding of the facts as they stand today.

There is nothing amusing about the delays we have encountered to date. I am however surprised when, from time to time, I read comments posted to our investor relations hub at Agoracom claiming that “all other projects have been approved”. The Wave of course is not an MOT project. And we have all seen the years of serial and repetitive public relations announcements from MOT re: the various tourist facilities (shaded areas and toilet facilities) which have been undertaken around the Sultanate - and the similar multitude of announcements about the new Convention Center which is only now getting started. And of course, we have witnessed many, many MOUs being signed for various ITC projects over the years.

Although much good and valuable tourism promotion activities have been undertaken by MOT,  – in fact – precisely only two (2) DAs for ITC projects have been signed in the past 5 years. One other ITC project began without a DA being signed. And all 3 of these projects have been problematic and have added further hesitancy to an already hesitant bureaucracy.

It is also surprising and slightly offensive to see frequent comments saying things to the effect of “this is the Middle East --- and if the Sultan wants it done, it gets done etc., etc.”  In spite of our repeated disclosures to the contrary, this type of hysterical and over-heated rhetoric merely reveals the simple-minded naiveté of the author. Our information – and we believe it to be true and quite reasonable – is that RCA (which is independent of the Government) is instructed not to interfere in the affairs of the government. RCA, which represents His Majesty, is a substantial investor in Omagine LLC and RCA has provided the land for the project. Our shareholders are free to draw their own conclusions as to HM’s interest in the Omagine Project from those facts – but shareholders are being extremely naive to think that the ruler of the country – with many affairs of state to deal with – has nothing better to do with his time than to concern himself with the Omagine Project which is being handled by his Government.

Prior to the passing of H.E Rajha (the former Minister of Tourism) in early 2011, the MOT had signed DAs for: (i) the predictable misadventure of the Blue City project which is now forever seared into the consciousness of all concerned Government parties and (ii) the Muriya project in Salalah (undertaken & promoted before the Arab Spring by the Egyptian conglomerate Orascom). Muriya is underway but has recently slowed considerably.

Although backed by Dubai Holdings (an entity of the Dubai government),  the Yiti - Sama-Dubai project (for which no DA was signed) foundered on the shoals of the worldwide financial crisis which greatly affected Dubai.

Notwithstanding the foregoing, prior to her passing in February 2011, H.E. Rajha and MOT and Omagine LLC had, as previously reported, come to a final agreement on the DA for the Omagine project. Since that time two (2) Ministers of Tourism have come and gone and no decisions or approvals with respect to any ITC projects – or other projects of any consequence were made during their terms. A new Minister of Tourism – H.E. Ahmad bin Nasser Al Mehrzi (the Omani Ambassador to France) was recently appointed and is expected to take up his duties within the next week or so.

Although we deem it neither advisable nor wise to provide a detailed disclosure of ongoing complex discussions, our shareholders should be aware that management has recently reached out to and engaged with high level persons in the Oman and U.S. governments in an effort to conclude the signing of the DA. These discussions are necessarily delicate and confidential and are undertaken solely to arrive at the conclusion all parties desire without embarrassment to any party.

Although some comments posted to our Agoracom investors relations site indicate that the poster has superior knowledge in these matters “of how things work in the Middle East” – we unfortunately do not have the privilege of having that poster lead our negotiations at the present time. Our management team in Oman has decades of experience dealing in the Middle East and we will continue to rely on their diligence, determination and professionalism. While we also believe our president, Mr. Drohan, to be a “big-idea” dreamer, we also know him to be ruthlessly realistic.

 

A multi-billion dollar deal like the Omagine Project is not a trivial undertaking.  Your company is involved in complex negotiations and tediously meticulous marketing and promotion activities and we greatly appreciate our shareholders patience.

 

In conclusion we wish to assure our shareholders that we make, and will continue to make, every effort to provide timely, accurate and informative disclosures about the business activities of your company. Whether such disclosures are negative or positive, we will continue to do this in a timely fashion.

 

As always, we remind our shareholders that all "forward looking statements" contained herein are subject to, known and unknown risks, uncertainties and other factors which could cause Omagine LLC's, and therefore the Company's, actual results, financial or operating performance or achievements to differ from management's projections for them as expressed or implied by such forward-looking statements.

 

Projections and assumptions contained and expressed herein are based on information available to the Company at the time so furnished and as of the date hereof and are, in the opinion of management, reasonable. All such projections and assumptions are subject to significant uncertainties and contingencies, many of which are beyond the Company's control, and no assurances can be given that the projections will be realized. Potential investors are cautioned not to place undue reliance on any such forward- looking statements, which speak only as of the date hereof.

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