TORONTO, Nov. 21, 2003 (PRIMEZONE) -- Ofek Capital Corp. (Pink Sheets:OFCC) announces that its wholly owned operating subsidiary, AJM Leasing, has recorded a 38% increase in annual revenues and a 275% increase in profit for its October 31, 2003 yearend. Ofek's own annual consolidated financial statement, incorporating AJM Leasing's positive results together with Ofek's own positive contributions, would be available as soon as the annual audit is completed.
Mr. Shalom Romm, CEO and Chairman of Ofek stated, "AJM Leasing's performance to date, coupled with the pending establishment of a new CDN$5,000,000 credit facility, should enable AJM Leasing to move firmly unto a brighter, more successful and more profitable operational future. This in turn should be of material benefit to all of Ofek's current and potential shareholders."
Mr. Shalom Romm noted further, "The strong increase in revenues, the availability of the new CDN$5,000,000 credit facility and the material saving on cost of capital should enable AJM Leasing to increase its portfolio to approximately 1,400 cars by the end of fiscal 2004, to 2,950 cars by the end of fiscal 2005 and to 4,600 cars by the end of fiscal 2006. Management estimates that by the end of fiscal 2006, AJM Leasing should post annual revenues of approximately US$12,000,000, operating income of over US$9,350,000, before depreciation and interest and a net income before tax of almost US$3,000,000."
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 as well as the interview and statements made during it 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. Ofek Capital Corp. takes no obligation to update or correct any or such forward-looking statements.