Ofek Capitals Revenues Increase 44% resulting in 313% Increase in Positive Cash Flow

Ofek Capitals Revenues Increase 44% resulting in 313% Increase in Positive Cash Flow. Company Reduces Shares Outstanding By Another 2%.

TORONTO (PRWEB) August 20, 2003 -- Ofek Capital Corp. (Pinksheet: OFCC), a fully reporting company, is reporting financial results for the first 9 months ending July 31, 2003.

Comparative results between the first 9 months ending July 31, 2002 and the first 9 months ending July 31, 2003 are as follows:

·   Revenues increased 44% from $1,079,209 to $1,554,600
·   Profit before special write down of goodwill is $66,609 compared to a loss of ($122,137)
·   Cash flow from operations increased 313% from $159,412 to $497,961

Management expects Ofeks revenues to continue expanding, to increase profitability and build positive cash flow from operations going forward.

Ofek Capital cancelled another 675,000 of their issued and outstanding common shares representing approximately 2% of the shares outstanding.

Ofek obtained a judgment for CDN$256,000 against Mr. Reno J. Calabrigo and his management company, Eagle Asset Management Corporation. Mr. Calabrigo is the Principal Executive Officer, Principal Financial officer and the effective controlling shareholder of Magnum d Or Resources Inc. (MAGR - OTCBB). The judgment should also enable Ofek to recover and rescind an additional 500,000 shares.

In additional pending litigation, Ofek is seeking to recover an additional 600,000 shares.
    
Ofek notes that in the last 3 months the company has canceled 3,410,000 shares and, as it succeeds in recovering the 1,100,000 additional shares, it will have retired almost 12.5% of its issued and outstanding common shares, which is a significant step in reducing shareholders dilution and enhancing shareholders value. Shareholders can be confident that Ofek Capital remains committed to significantly increasing shareholder value through acquisitions, streamlining operations, increasing profitability, reducing the number of shares outstanding, share buy back programs, senior exchange listings and full financial disclosure.

Separately, Ofek Capital is the subject of an interview in the Specialty Finance issue of The Wall Street Transcript (http://www.twst.com) published August 11, 2003.


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 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 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.

Contact

Ofek Capital Corp.
info@ofekcapital.com