Ofek Capital Reports 47% Increase in Revenues -- OFCC Featured on MacReport.net and TheStockbroker.com

Ofek reports first 6 months financial results. Ofek is featured on MacReport.net and TheStockbroker.com

TORONTO (PRWEB) July 7, 2003 -- Ofek Capital Corp. (Pinksheet: OFCC), a fully reporting company, issued their consolidated financial statement for the first 6 months ending April 30, 2003 and filed it on SEDAR. SEDAR is the System for Electronic Document Analysis and Retrieval for public securities filings at www.sedar.com

Comparative results between the first 6 months ending April 30, 2002 and the first 6 months ending April 30, 2003:

·   Revenues increased 47% from $680,762 to $1,001,572
·   Loses from operations before special write down of goodwill decreased 98%to ($1,556) compared to a loss of ($82,231)
·   Cash flow from operations increased 62% from $147,949 to $239,217
·   Assets decreased from $4,707,146 to $3,071,054 materially as a result of special total write down of goodwill during the first quarter
·   Shareholders' Net Equity decreased from $2,400,639 to $565,620 materially as a result of special total write down of goodwill during the first quarter

Management elected to write down the entire goodwill value during the first quarter. This step will cleaned up Ofeks balance sheet and will eliminate costly annual evaluation costs and amortization charges going forward, as well as benefit shareholders hereafter.
    
AJM Leasing, Ofek's only operating subsidiary, recorded a profit during this period and management expects Ofeks revenues to continue expanding at amore than 25% rate annually and to increase profit and positive cash flow from operations for the foreseeable future.

In addition, CEO Shalom Romm and Ofek were recently featured on the MacReport.Net (www.macreport.net) and TheStockbroker.com, (www.thestockbroker.com), both providers of online business and financial information for the smallcap investor. "Through our presence on these two investor information sites, Ofek continues its proactive effort to increase the OFCCs exposure and awareness to the investment community. We have a great growth story to tell to the investment world, and we will continue to make certain that OFCCs successes are noted by investors seeking a compelling investment idea." stated Mr. Romm.

About Ofek Capital   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, 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 thereby 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.