FT. LAUDERDALE, Fla.,
Sept. 28, 2012 /PRNewswire/
-- Baron Capital Enterprises, Inc. (OTCPK: BCAP)
(www.baroncapitalenterprise.com) is pleased to announce the Company
has published its Second Quarter financial report showing the write
offs in liabilities. The Company would also like to
announce it has executed a Letter of Intent to acquire an operating
transfer agency.
The Company has stated it will post reduced liabilities of
almost $400,000 from its last report
which was accomplished. The reports from here on out will be
prepared within audit guidelines which means there will be a
different valuation placed on our Notes and Securities per audit
guidelines.
The Company generated proceeds from the sale of stock/debt of
$70,000 from mid March through the
end of June, had the negotiations with RightSmile not taken so long
the amount would have been higher.
The report also shows accrued salary of $225,000 from the current employment agreement of
the Company's President that expires on 12/31/12. None of
this salary has been paid or will be paid in cash against this
balance unfortunately since the Company is being audited the
auditors will not allow the President to write it off. The
goal is for all parties to reach an agreement to remove the
liability from the financials for the 3rd qtr
report.
The Company would also like to report fiscal years 2007 through
2010 have been delivered to the auditors and 2011 is expected to be
delivered within the week. The Company will meet with counsel
mid month to begin work on the S-1 registration to restore the
Company to a fully reporting status.
The Company is pleased to announce it has entered into a Letter
of Intent to acquire a functioning transfer agency that is intended
to close the last week of October. The transfer agency will
be merged into the new entity Baron purchased last week and the
audited financials of the transfer agency will be submitted with
the S-1 when filed for the new entity which is expected by the end
of 2012.
Baron will not release the name of the new entity or the
transfer agency it is acquiring until it must do so under law or
when the S-1 is filed.
More updates on the Company to follow over the coming weeks.
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.