TORONTO, Dec. 3, 2003 (PRIMEZONE) -- Ofek Capital Corp. (Pink Sheets:OFCC) announces that management has made progress in identifying acquisition targets in the California Mortgage Banking marketplace, for its wholly owned California subsidiary, Mortgage Bankers of North America (MBONA). All of the acquisition candidates have the infrastructure in place in the lucrative California mortgage market, yet have operational opportunities that Ofek will enhance and improve upon using its expertise from its mortgage banking past, along with its proprietary underwriting software.
Shalom Romm, the CEO of Ofek notes: "I am confident that as we implement our business plan, we will enable MBONA to operate in 24 U.S. states, to be approved as a Housing Urban Development agency, to establish business relations with sufficient number of corresponding lenders and institutions, to participate in Federal Housing Authority and Veteran Administrations lending and to acquire a California Mortgage Finances Lending License which will further enable MBONA to deal with all corporate or real estate related entities within the State of California."
Shalom Romm further notes that "Mortgage Bankers of North America has the ability to underwrite approximately $112,500,000.00 in mortgages, generate gross fee revenues of over $6,500,000 and profit of about $2,250,000 within 2 fiscal years and underwrite about $176,500,000.00 in mortgages, generate gross fee revenues of over $11,000,000 and profit of about $3,500,000 by the 3rd fiscal year. Utilizing our proprietary software for rapid underwriting will in time permit Ofek to further improve the operations of any of the targeted acquisition we are currently studying."
About Ofek Capital
Ofek www.OfekCapital.com 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 as well as the interview and statements made during it 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. Ofek Capital Corp. takes no obligation to update or correct any or such forward-looking statements.