Baron Capital Posts Second Quarter Report; Execute LOI To Acquire Operating Transfer Agency
Sep 28, 2012 11:00:00 (ET)
FT. LAUDERDALE, Fla., Sept. 28, 2012 /PRNewswire via COMTEX/ -- 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.
