The rumour I heard is that Titan will be supplying the aircraft on a damp lease, rather like Astreaus do for Iceland Express, hence Air Omega in Germany possibly loosing its AOC would be off no effect at the aircraft will operate on Titans AOC.
Also heard a strong rumour that Air Omega signed a contract with a handling agent at Stansted sometime during the last week, so the commencement of operations cannot be far away.
Good luck to all concerned, more start ups means more chance of a job for people like me when I get my license finished in the next few months.