TORONTO, March 10, 2004 (PRIMEZONE) -- Ofek Capital Corp. (Pink Sheets:OFCC) announces that the company is working closely with its attorneys and auditors to prepare registration statements and documents required to become listed on the OTC Bulletin Board.
In addition, Ofek reports that it has cancelled 3,100,000 of the company's shares issued and outstanding. The company is in the process of recovering an additional 1,500,000 shares. In the event that the company is successful in canceling the 1.5 million shares, it will have retired almost 11.5% of its issued and outstanding common shares.
Shalom Romm, CEO of Ofek Capital, said, "This is a noteworthy step in reducing shareholders' dilution and enhancing shareholders' value. Ofek's management is committed to significantly increasing shareholders' value through acquisitions, streamlining operations, increasing profitability, reducing the number of shares outstanding, share buy back programs, senior exchange listings and full financial disclosure."
Ofek's most recent audited statement of shares issued and outstanding reflects a total of 39,417,600 shares. It is management's estimate that approximately 15,000,000 shares are in the active float.
Ofek will shortly file its audited annual financial statement, as well as provide financial update of the company operational Q1 results.
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.