OFCC.Last Q.Read bold.(COMTEX)B: Ofek Capital Reports 47% Increase in Revenues; OFCC Featured o
B: Ofek Capital Reports 47% Increase in Revenues; OFCC Featured on MacReport.net
TORONTO, Jul 1, 2003 (BUSINESS WIRE) -- Ofek Capital Corp. (Pink Sheets:OFCC),
a fully reporting company, issued their consolidated financial statement for the
first six months ending April 30, 2003 and filed it on SEDAR. SEDAR is the
System for Electronic Document Analysis and Retrieval for public securities
filings at sedar.com
Comparative results between the first six months ending April 30, 2002 and the
first six months ending April 30, 2003:
-- Revenues increased 47% from $680,762 to $1,001,572
-- Loses from operations before special write down of goodwill
decreased 98% to ($1,556) compared to a loss of ($82,231)
-- Cash flow from operations increased 62% from $147,949 to
$239,217
-- Assets decreased from $4,707,146 to $3,071,054 materially as a
result of special total write down of goodwill during the
first quarter
-- Shareholders' Net Equity decreased from $2,400,639 to $565,620
materially as a result of special total write down of goodwill
during the first quarter
Management elected to write down the entire goodwill value during the first
quarter. This step will clean up Ofek's balance sheet and will eliminate costly
annual evaluation costs and amortization charges going forward, as well as
benefit shareholders hereafter.
AJM Leasing, Ofek's only operating subsidiary, recorded a profit during this
period and management expects Ofek's revenues to continue expanding at more than
25% annually and to increase profit and positive cash flow from operations for
the foreseeable future.
In addition, CEO Shalom Romm and Ofek were recently featured on the
MacReport.Net, macreport.net, and ##############.com,
http://www.##############.com, both providers of online business and financial
information for the smallcap investor. "Through our presence on these two
investor information sites, Ofek continues its proactive effort to increase
OFCC's exposure and awareness to the investment community. We have a great
growth story to tell to the investment world, and we will continue to make
certain that OFCC's successes are noted by investors seeking a compelling
investment idea," stated Mr. Romm.
About Ofek Capital, 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 and
expects to enhance their balance sheet thereby 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.
SOURCE: Ofek Capital Corp.
CONTACT: Ofek Capital Corp., Toronto
Shalom Romm, 416/736-4800
info@ofekcapital.com
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