TORONTO, Oct. 7, 2003 (PRIMEZONE) -- Ofek Capital Corp. (Pink Sheets:OFCC), a fully reporting company, announced today that it has filed their consolidated financial statement for the first 9 months ending July 31. The filing was submitted through SEDAR.
Comparative results between the first 9 months ending July 31, 2002 and the first 9 months ending July 31, 2003 are as follows:
-- Revenues increased 44% from $1,079,209 to $1,556,329
-- Profit before special write down of goodwill in the first quarter
is $122,381 compared to a loss of ($122,137)
-- Cash flow from operations increased 313% from $159,412 to $497,961
-- Assets decreased from $4,707,146 to $3,275,292 as a result of
special total write down of goodwill in the first quarter
Management expects to see continued growth of revenues as well as an increase in our operational profits over the coming year. Management expects significant gains of cash flow from the increasing operations during the next year as well.
The entire filing can be viewed at SEDAR, which is the System for Electronic Document Analysis and Retrieval for public securities filings in Canada at www.sedar.com.
Management believes that by reducing its current cost of capital and increasing capital availability, the earnings potential for Ofek will be exponentially increased. Mr. Shalom Romm, CEO of Ofek, states, "We are very encouraged by these financial results as they attest to our ability to minimize risks in the sub-prime lending marketplace, the marketplace we have targeted because of the high profit margins possible. Now that we have clearly demonstrated that our lending criteria and operations work profitably, our next step is to expand our lending portfolio by increasing it through obtaining additional capital at sharply reduced interest rates. As we recently indicated, the institutional lenders have begun to recognize Ofek as a qualified client."
Separately, the MacReport.net interviewed Mr. Shalom Romm, CEO of Ofek. The audio interview is available at www.themacreport.net
About Ofek Capital
Ofek www.OfekCapital.com is a North American financial services company that operates within the sub-prime lending and financing market. Ofek believes that the sub-prime market is the most lucrative niche in the financial services industry.
Ofek Capital subsidiaries include: AJM Leasing, Mortgage Bankers of North America and SecondaryMarkets.
-- Ofek leases used cars through its Ontario subsidiary, AJM Leasing
-- Mortgage Bankers of North America, a California subsidiary,
anticipates offering traditional mortgage banking services in 24
states
-- SecondaryMarkets, a California subsidiary, anticipates the
development of a proprietary, patent pending, automated submission
and lending approval software system. It will be state-of-the-art
and capable of generating immediate loan approval from multiple
loan providers
This release contains forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, which reflect management's expectations regarding Ofek's future growth, results of operations, performance and business prospects and opportunities. These statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve significant risks, uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements.