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To: Taki who wrote (113330)	4/2/2003 10:08:10 AM
From: Taki	Read Replies (3) \| Respond to of 150070

OFCC.01 news.Ofek Capital Q1 Financials:Revenues up 38%, Special One Time Tot l Writedown of Goodwill Ofek Capital Q1 Financials: Revenues up 38%, Special One Time Total Writedown of Goodwill Business Editors TORONTO--(BUSINESS WIRE)--April 2, 2003--Ofek Capital Corp. (Pink Sheets:OFCC) issued their consolidated financial statement for the first quarter ending January 31, 2003 filing it on SEDAR, the System for Electronic Document Analysis and Retrieval for public securities filings at sedar.com. Comparative results between Q1 ending January 31, 2002 and Q1 ending January 31, 2003: -- Revenues have increased 38% from $359,257 to $496,359 -- Profit from operations before special total writedown of goodwill were $9,775 compared to a loss of ($68,831) -- Cash flow from operations increased from ($45,147) to $126,191 -- Net Loss of ($1,618,297) as a result of special total writedown of goodwill -- Assets decreased from $4,707,146 to $3,078,911 caused by the special total writedown of goodwill -- Shareholders' Net Equity decreased from $2,400,639 to $775,756 because of the special total writedown of goodwill Management elected to writedown the entire goodwill value; a factor historically and materially discounted by investors, analysts and shareholders. This step will improve Ofek's balance sheet eliminating costly annual evaluation costs and amortization charges. AJM Leasing, Ofek's only operating subsidiary, recorded a profit during this period. Management expects Ofek's Q2's revenues to continue expanding at over 25%, increase profit from operations, and grow positive cash flow from operations throughout the foreseeable future. Ofek reiterates its commitment to pursue listing on the OTC-BB, and the BBX once it becomes available. About Ofek Capital (http://www.OfekCapital.com) Ofek Capital 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, Venture Capital, 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 -- Venture Capital Corp. is currently evaluating a number of equity involvements, funding and investment prospects. Upon completion of proper due diligence, Ofek will move forward with Venture Capital selections and expects its choices to enhance the Ofek balance sheet benefiting shareholder equity and value -- 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. --30--CP/mi* CONTACT: Emerson Gerard Associates, West Palm Beach, Fla. Jerry Jennings, 561/881-7318 mediareply@egaplus.com KEYWORD: NEW YORK FLORIDA INTERNATIONAL CANADA INDUSTRY KEYWORD: BANKING EARNINGS SOURCE: Ofek Capital Corp. Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com * end of story *