OMEGA VENTURES GROUP INC (OMGV) - Description of business

Company Description
Omega Ventures Group, Inc. was formed as a Nevada corporation on September 19, 2000, under the name Office Managers, Inc. The Company is a development stage company with limited operating history. The Company's executive offices are located at 299 South Main, Suite 1300, Salt Lake City, Utah 84111. Its telephone number is (801) 534-4450. The Company's website is located at www.omegaventuresgroup.com. In July 2002,the Company completed its initial public offering. At a special shareholders meeting held on November 7, 2003, the shareholders of the Company voted to change the name of the Company from Office Managers, Inc., to Omega Ventures Group, Inc. This name change was effected by amendment to the Company's Articles of Incorporation filed on November 13, 2003. With the name change, the trading symbol for the Company's common stock was changed by the NASDAQ on November 24, 2003 to "OMGV".

Business of the Company

From inception through the fourth quarter of 2003, the Company sought to establish an online credit and collections professional referral service. The Company encountered numerous difficulties in implementing its referral service. These difficulties, coupled with a lack of funds and limited prospects for generating revenue, prompted the Company in the fourth quarter of 2003, to discontinue its efforts to pursue the development of its online credit and collections referral service.

During 2004 and 2005, the Company primarily focused its efforts into the acquisition of interests in oil and gas projects and real estate. Because of limited funds, however, the Company was unsuccessful in its efforts. As a result of its limited funds, the Company engaged in very little operating activity in 2006. The Company expects that unless it obtains significant additional funding, it likely will engage in very limited operations during 2007.

The Company has three wholly-owned subsidiaries: Western Gas Corporation; Arizona Land Corporation and Vogue Environmental Solutions, Inc.

Western Gas Corporation

The Company incorporated Western Gas Corporation ("Western Gas") in Nevada as a wholly-owned subsidiary on September 5, 2003, for the purpose of acquiring and managing small percentage interests in a diversified portfolio of oil and gas projects throughout North America.

Because of a lack of funds, Western Gas did not engage in any oil and gas exploration activities during the year. Western Gas currently holds no interests in any oil and gas projects.

Arizona Land Corporation

On November 24, 2003, the Company incorporated Arizona Land Corporation ("Arizona Land") in Nevada as a wholly-owned subsidiary. Based on management's belief that as the baby-boomer generation retires they will seek to retire to warm climates, such as Florida and Arizona, Arizona Land was formed to acquire and manage land assets in Arizona. While Arizona Land may consider acquisition of all types of real estate, its primary focus is toward the acquisition of undeveloped acreage for investment purposes. Arizona Land currently owns no interests in any real estate.

The Company has no policies as to the number or amount of mortgages it may place on any one piece of property. Other than financial constraints, currently there are not limitations on the amount the Company may invest in any one property. In the past, the Company has emphasized real estate acquisitions focused primarily on capital gain, not on income producing properties. Should the Company be successful in raising additional funds, the Company does not intend to invest in real estate mortgages or securities or interests in other entities engaged in real estate activities.

Arizona Land did not engage in any activities during the 2006 fiscal year. Given its limited cash resources, the Company does not anticipate that Arizona Land it will actively engage in land acquisitions until such time as the Company is able to raise significant additional funding.

Vogue Environmental Solutions, Inc.

On February 13, 2003, the Company formed Vogue Environmental Solutions, Inc., a Nevada corporation, ("Vogue") as a wholly owned subsidiary to explore the animal waste management industry and to consult on and participate in the design, construction, production and marketing of animal waste digester systems. The Company retained the services of several engineers to assist it in the further exploration of the animal waste management industry and the development of a commercially viable anaerobic digester system. During the fourth quarter of 2003, the Company determined that it could not demonstrate a commercially viable anaerobic digester system and discontinued its efforts in this area.

With the decision to discontinue development of an anaerobic digester, Vogue began a feasibility study of power generation through the use of wind generators during the fourth quarter of 2003 and the first quarter of 2004. Due to lack of available funds, however, Vogue discontinued its study during the second quarter 2004.

Vogue did not engage in active operations during the 2006 fiscal year.

The Company is currently a "shell company" as defined in Rule 12b-2 of the Exchange act of 1934. The Company however, continues to explore opportunities in real estate, oil and gas exploration and new solutions to environmental issues. The Company is not, however, limiting its search strictly to these areas and management is constantly investigating potential business opportunities it believes can increase shareholder value. At this time, the Company has not determined what opportunities may exist, if any, nor has the Company entered into or negotiated agreements with any parties to enter into or participate in any industry.