Ofek Capital Issues Q1 Financials: Reports Revenues up 63%, Shareholders Net Equity increases 35%
TORONTO--(BUSINESS WIRE)-April 23, 2002--Ofek Capital Corp. (Pink Sheets:OFCC) announces the issuance and submission to SEDAR, the System for Electronic Document Analysis and Retrieval for public securities fillings at http://www.sedar.com, of its consolidated financial statement for the first quarter ending January 31, 2002.Comparative results between Q1 ending January 31, 2001 and Q1 ending January 31, 2002:
| -- | Revenues have increased 63% from $219,598 to $359,257 |
| -- | Net Losses were reduced by approximately 29% from ($97,269) to ($69,759) |
| -- | Cash flow from operations increased 149% to $45,147 compared to ($92,091) |
| -- | Assets increased approximately 9% from $3,895,344 to $4,237,539 |
| -- | Shareholders' Net Equity increased over 35% from $1,529,444 to $2,073,495. |
Management expects Ofek's only currently operating subsidiary, AJM Leasing, to expand its revenues at a rate of over 25% annually, to continue to reduce losses and expand positive cash flow from operations into the foreseeable future.
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, 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, is developing 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.