FT. LAUDERDALE, Fla.,
Aug. 28, 2012 /PRNewswire/
-- Baron Capital Enterprises, Inc. (OTCPK: BCAP)
(www.baroncapitalenterprise.com) will show a significant reduction
in the Company's Liabilities when the second quarter financials are
released within the coming weeks.
Baron has been working with an attorney to obtain legal opinions
to write off old liabilities that have been on the balance sheet
dating back to 2001. The combination of these write offs and
the previously announced reductions should reduce the Company's
overall Liabilities by as much as $350,000
to $400,000 once all adjustments for accrued interest are
calculated. Thereby reducing the liabilities posted in the
first quarter by as much as 50% or more. The Company
currently has more then enough Assets that can be liquidated to
offset the remaining Liabilities on the balance sheet.
The attorney discovered something during his due diligence that
may allow the Company to write off an additional $200,000 in Liabilities in the coming months.
The Company's audit has been on hold while the attorney has
conducted his due diligence to render these opinions. Now that the
Company has them the adjustments will be made to our financials
from 2007 through 2011 and all reports will be delivered to our
auditors during the month of September.
The Company will be joining PinkSheets again and plans to post
the Attorney Letter for the first quarter within 2 weeks followed
by the second quarter financials and Attorney Letter before the end
of September. This will enable the Company to have the
"Yield" sign removed and move back to the top tier for PinkSheet
traded companies.
During the month of September the Company will be updating
shareholders on the following items:
Membership to PinkSheets, filing of Attorney Letters, Posting of
the 2nd Quarter financials, Audit drafts delivered to
the Auditors, Documents for the Amendment to the By-Laws stating No
Reverse Splits or share increases, Changes to the Transfer Agent
operations, Deposit of all the funds from a group of shareholders,
and clients.
The Company has been working on several things the past few
months and will be able to begin sharing them in September.
The foregoing press announcement contains forward-looking
statements that can be identified by such terminology such as
"believes," "expects," "potential," "plans," "suggests," "may,"
"should," "could," "intends," or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results
to be materially different from any future results, performance or
achievements expressed or implied by such statements. In
particular, management's expectations could be affected by, among
other things, uncertainties relating to our success in completing
acquisitions, financing our operations, entering into strategic
partnerships, engaging management and other matters disclosed by us
in our public filings from time to time. Forward-looking statements
speak only as to the date they are made. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
Contact:
Matt Dwyer, President
matt@bcapent.com
954-623-3209
SOURCE Baron Capital Enterprises, Inc.