TORONTO, March 16, 2004 (PRIMEZONE) -- Ofek Capital Corp. (Pink Sheets:OFCC) announces that its wholly owned operating subsidiary, AJM Leasing, has recorded a 23% increase in its first quarter revenues from First Quarter 2003, and a 35% increase in Net Income. AJM reported First Quarter revenues of $611,736 compared to 2003's First Quarter of $496,355. First Quarter 2004's Net Income was $22,040 versus First Quarter 2003's Net Income of $16,325.
Mr. Shalom Romm, CEO and Chairman of Ofek stated, "AJM Leasing's continued performance through organic growth, along with the pending establishment of a new credit facility, bodes well for continued strong operational results in the future. It is a tribute to AJM's risk management and underwriting discipline, which has resulted in an increase in Net Income greater than the top line growth. Once we secure additional access to capital for further expansion, we can look forward to a significant increase in cash flow and bottom line numbers."
Management expects AJM's revenues in Q2 to continue expanding, increase profit from operations, and grow positive cash flow from operations throughout the foreseeable future.
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.