Ofek Capital Reveals Specifics of Used Car Leasing Business, Expects High Bond Rating
TORONTO--Nov. 18, 2002--Through a series of recent interviews, Shalom Romm, CEO of Ofek Capital Corp. (Pink Sheets:OFCC), revealed some specifics of Ofek's key position as a sub-prime lender in the used car leasing industry, and information about their planned unit bond issue. Ofek Capital is a North American financial services company that operates within the sub prime lending and financing market.Mr. Romm recently noted, "Used car leasing is a $160 billion a year industry, very popular and in great demand. We continue to educate new investors about our position in this industry and fully expect our shareholders to be amply rewarded for their trust."
In last week's interview, Romm discusses more about the Company's core business, and their outlook for the coming months including:
| -- | The expectation that their upcoming $20 million unit issue will be made available to selected investors, including a bond of the total investment value, and will be rated the highest investment grade by Dominion Bond Rating Service |
| -- | The Company is poised and ready to meet the market's demand and expand once the bond issue is complete and within three fiscal years the Company expects to increase its: |
| - | fleet of leased cars to over 2000 |
| - | annual revenues to over $24,500,000 |
| - | cumulative cash flow from operations to over $23,000,000 |
| - | gross profit to over $7,500,000 |
The interviews can be heard at:
MarketDD, http://www.marketdd.com
CEOcast, http://www.ceocast.com/index.cfm
CEOCFO Interviews, http://www.ceocfointerviews.com/interviews/OfekCapitalCP.htm
An interview with Shalom Romm is scheduled today and tomorrow on "Stock Talk LIVE", http://www.IBCradio.com.
About Ofek Capital
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.