Dear Contol1, thank you for your inquiry. The most recent financials filed by Alfa cover their second quarter results for the period ending June 30, 2006. This filing is available in its complete form by utilizing the link below:
Link: http://www.sec.gov/Archives/edgar/data/820600/000082060006000038/tenqsb606a.txt
Highlights
1)Baker has been engaged as project manager.
2) The Project Company is now contemplated to be 100% owned by JOL and the Government will provide the Omagine Site to the Project Company,but will not be a shareholder of the Project Company.
3) Omagine Site is presently planned to be represented by a “Usufruct Agreement” wherein the Project Company will be granted a fifty (50) year lease over the Omagine Site at very reasonable rates. Unlike a standard lease however, a Usufruct Agreement, specifically allows the Project Company to (i) pledge the Omagine Site as collateral in any financing arrangements, and (ii) sell (on a free and clear freehold basis) the land underlying the Lease/Usufruct to third parties. As presently contemplated the lease cost for the first five years (the construction period of the Omagine Project) of the Usufruct will be zero.
4) Omagine is planned to be an integration of cultural, heritage, educational, entertainment and residential components, including: a ``high culture`` theme park containing seven pearl shaped buildings, each approximately 60 feet in diameter (the ``Pearls``) and associated exhibition buildings (collectively, the ``Landmark``); a five star resort hotel; a four star hotel; a boardwalk; an open air amphitheater and stage; a canal and enclosed harbor area; boat slips; commercial office buildings; shopping and retail establishments; restaurants and open space green areas. Additionally, Omagine, as presently contemplated by the Discussions, includes the construction and sale (on a free-hold basis)by the Project Company of approximately 3,900 residences (and the land underlying such residences)consisting of a combination of villas, town homes and apartments.
Regards,
AGORACOM Investor Relations
Below is an excerpt of the 10QSB/A filed for the period ending June 30, 2006 from ITEM 2 - Management`s Discussion and Analysis of Financial
Condition and Results of Operations
On August 1, 2005, the Ministry of Tourism (the ``MOT``)of the Government of Oman (the ``Government``) and JOL signed a memorandum of understanding (``MOU``) memorializing the legal and commercial aspects of a proposed real-estate project (the ``Omagine Project`` or ``Omagine``) to be developed in Oman by a company to be formed by JOL and the MOT (the ``Project Company``).
As part of its March 1, 2006 presentation to the Government, JOL prepared an initial master plan and feasibility study for Omagine. JOL engaged the services of Michael Baker Jr., Inc.(``Baker``) as its Program Manager to assist and lead this process. Baker (www.mbakercorp.com), which is headquartered in Pittsburgh,PA, with offices throughout the U.S and abroad is experienced in all aspects of design, program management and construction
management for large scale construction and development projects of the magnitude of Omagine.
The March 1, 2006 presentation was favorably received and JOL management promptly thereafter began discussions and negotiations with Government officials (the ``Discussions``), which Discussions have, in the opinion of management, modified the terms of the MOU
in a positive fashion. The objective of the Discussions is to arrive at the terms and conditions of a ``Development Agreement`` between the Project Company and the Government. Such Discussions are ongoing as of the date of this Report and have not yet beenconcluded.
As presently contemplated, the Development Agreement will govern the design, development and construction of the Omagine Project which will be owned and operated by the Project Company. The Project Company is now contemplated to be 100% owned by JOL and the Government will provide the Omagine Site to the Project Company, but will not be a shareholder of the Project Company. As of the date hereof, JOL has held advanced negotiations with several substantial investors and contractors (``Investors``)
active in the region with whom management has prior business relationships and JOL is confident that suitable arrangements will be made with one or more of such Investors.
