Used Car Financing $160 Billion Industry; Ofek Holds Key Position, $20 Million Bond Issue Planned
TORONTO--Oct. 22, 2002--In an interview yesterday, Shalom Romm, President, Ofek Capital Corp. (Pink Sheets:OFCC), discussed Ofek's key position in the sub-prime lending and financial markets, and a $20 million bond issue they have planned.Mr. Romm noted:
| -- | Used car financing has grown to $160 billion year industry |
| -- | Normal business expansion expected to be 20-25% |
| -- | Ofek could grow 10 times more with capital infusion |
| -- | Convert to BBX as soon as possible after OTCBB listing |
| -- | New $20 million investment grade bond will be issued to selected investors |
| -- | Bond will be graded by one of the largest rating agencies in North America |
| -- | Current share price is below book value |
The complete interview can be heard at http://www.wallstreetreporter.com, "Today's CEO Interviews"
Interested shareholders and investors can view Ofek's financial statements on SEDAR. http://www.sedar.com
About Ofek Capital
Ofek Capital Corp. 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 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.