TORONTO–(BUSINESS WIRE)–April 30, 2003–Ofek Capital Corp. (Pink Sheets:OFCC) has cancelled and brought back to the treasury 2,735,000 of their issued and outstanding common shares. The returnrepresents approximately 8.25% of the Company’s capital stock.
The Company notes this 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 profitability, reducing the number of shares outstanding, share buy back programs, senior exchange listings and full financial disclosure.
Ofek reiterates its commitment to pursue listing on the OTCBB and the BBX once it becomes available.
About Ofek Capital – http://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
with Venture Capital selections and expects its choices to
enhance the Ofek 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.
