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Ofek Capital Announces Q1 Financials

April 24, 2002

Ofek Capital Corp.

announced Apr. 24 the issuance and submission to SEDAR, the System for Electronic Document Analysis and Retrieval for public securities filings at www.sedar.com, of its consolidated financial statement for the first quarter ending January 31, 2002.

Comparative results between Q1 ending January 31, 2001 and Q1 ending January 31, 2002, according to the company were as follows:

  • Revenues are said to have increased 63 percent from $219,598 to $359,257

  • Net Losses were reduced by approximately 29 percent from $97,269 to $69,759

  • Cash flow from operations increased 149 percent to $45,147 compared to $92,091

  • Assets increased approximately 9 percent from $3,895,344 to $4,237,539

  • Shareholders' Net Equity increased more than 35 percent from $1,529,444 to $2,073,495.

    Management expects Ofek's only currently operating subsidiary, AJM Leasing, to expand its revenues at a rate of more than 25 percent annually, to continue to reduce losses and expand positive cash flow from operations into the foreseeable future.

    About Ofek Capital

    Ofek Capital, www.OfekCapital.com

    is a North American financial services company that operates

    within the sub prime lending and financing market.

    Ofek Capital subsidiaries include: AJM Leasing, Mortgage Bankers of North America, and SecondaryMarkets.

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