Baron Capital To Post Significant Reduction In Liabilities
PR Newswire
FT. LAUDERDALE, Fla., Aug. 28, 2012
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.
