OFCC.05x.06.News B: Ofek Capital To Relaunch Mortgage Banking Services Subsidiary
inal Acquisition Expected To Be Accretive to Earnings
B: Ofek Capital To Relaunch Mortgage Banking Services Subsidiary Final Acquisiti
n Expected To Be Accretive to Earnings ( PRIMEZONE )
TORONTO, Dec 01, 2003 (PRIMEZONE via COMTEX) -- Ofek Capital Corp. (Pink
Sheets:OFCC) announces that Ofek, through its wholly owned subsidiary, Mortgage
Bankers of North America of California, is in the process of evaluating the
purchase of a Southern California based mortgage banking firm, to enable Ofek to
rapidly reenter the lucrative mortgage banking market.
Shalom Romm, the CEO of Ofek notes: "Ofek is now evaluating and conducting
initial due diligence on a number of possible viable options, to allow Ofek to
reenter the mortgage-banking arena. Although we have our own business plan to
implement upon reentering this very rewarding and lucrative sub prime market, we
see a benefit in jump-starting this process by purchasing an already operating,
profitable company, which is currently generating respectable and healthy
revenues. Any final decision will most assuredly be accretive to earnings."
Shalom Romm further notes that "Mortgage Bankers of North America, Ofek's
California based mortgage banking subsidiary in waiting, has additional
expertise and resources including seasoned management and personnel to enhance
the bottom line of any final acquisition which, in turn, will build upon Ofek's
profitability success already recognized this year."
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.
SOURCE: Ofek Capital Corp.
By Staff
CONTACT: CLX & Associates, Inc.
Robert Weidenbaum, President
Phone 1 800 860 8241
email ir@OfekCapital.com
(C) 2003 PRIMEZONE, All rights reserved.
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INDUSTRY KEYWORD: Financial Services
SUBJECT CODE: BANKING
Company Announcement
Product Services Announcement
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