OFEK CAPITAL CORP (fka OFEK)

[SirFelix]

Q1 Revenues Increase 23% from Q1 2003
Tuesday March 16, 10:30 AM EST

35% Increase in Net Income at AJM


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.