OFCC.025x.03.Last Q.(COMTEX) B: Ofek Capital's Revenues Increase 44% Resulting in 313% Increas
B: Ofek Capital's Revenues Increase 44% Resulting in 313% Increase in Positive C
TORONTO, Aug 19, 2003 (BUSINESS WIRE) -- Ofek Capital Corp. (Pinksheet:OFCC), a
fully reporting company, is reporting financial results for the first 9 months
ending July 31, 2003.
Comparative results between the first 9 months ending July 31, 2002 and the
first 9 months ending July 31, 2003 are as follows:
-- Revenues increased 44% from $1,079,209 to $1,554,600
-- Profit before special write down of goodwill is $66,609
compared to a loss of ($122,137)
-- Cash flow from operations increased 313% from $159,412 to
$497,961
Management expects Ofek's revenues to continue expanding, to increase
profitability and build positive cash flow from operations going forward.
Ofek Capital cancelled another 675,000 of their issued and outstanding common
shares representing approximately 2% of the shares outstanding.
Ofek obtained a judgment for CDN$256,000 against Mr. Reno J. Calabrigo and his
management company, Eagle Asset Management Corporation. Mr. Calabrigo is the
Principal Executive Officer, Principal Financial officer and the effective
controlling shareholder of Magnum d' Or Resources Inc. (MAGR - OTCBB). The
judgment should also enable Ofek to recover and rescind an additional 500,000
shares.
In additional pending litigation, Ofek is seeking to recover an additional
600,000 shares.
Ofek notes that in the last 3 months the company has canceled 3,410,000 shares
and, as it succeeds in recovering the 1,100,000 additional shares, it will have
retired almost 12.5% of its issued and outstanding common shares, which is a
significant step in reducing shareholders dilution and enhancing shareholders
value. Shareholders can be confident that Ofek Capital remains committed to
significantly increasing shareholder value through acquisitions, streamlining
operations, increasing profitability, reducing the number of shares outstanding,
share buy back programs, senior exchange listings and full financial disclosure.
Separately, Ofek Capital is the subject of an interview in the Specialty Finance
issue of The Wall Street Transcript (http://www.twst.com) published August 11,
2003.
About Ofek Capital 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 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 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.
Shalom Romm, 416-736-4800
info@ofekcapital.com
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KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: BANKING
EARNINGS
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