BCAP News Baron Capital Issues Update
2012-04-27 10:45 ET - News Release
BARON BEGINS PREPARATIONS FOR AUDIT
FT. LAUDERDALE, Fla., April 27, 2012 /PRNewswire/ -- Baron Capital Enterprises, Inc. (OTCPK: BCAP) (www.baroncapitalenterprise.com) would like to take this time to update shareholders on the Company.
Baron Capital has filed all its financial reports to keep the Company listed as "Current Information" on www.otcmarkets.com. During the first quarter the Company experienced an increase in SG&A costs which will continue to rise during the second quarter as the Company prepares to become auditable again. The Company also accrued close to $250,000 in liabilities from wages and loans to the Company. The Company has already begun working to remove these liabilities and approximately another $100,000 in liabilities off the balance sheet during the second quarter.
The Company will enter into a new employment agreement with its sole Officer and Director which will reduce the cash compensation and work on other methods of compensation. During fiscal year 2011 the Company only compensated its sole Officer approximately $30,950 in cash compensation.
In March the Company was able to open a brokerage account and begin converting its aged debt and selling it to raise working capital for the Company. The Company was able to raise significant working capital by mid April to move the Company forward.
In April the Company retained its former consultant to begin preparing the financials to be audited. The Audit will roll the financials forward from year end 2006 through year end 2011. The Company possesses all the documents needed to complete the audit. The Company has been in discussion with its former auditors and plans on retaining them by the mid to end of April.
The goal of the Company is to complete the audits in June and file the necessary documents with the SEC by July 1, 2012 to once again become a reporting entity. At the time of the filing the Company will introduce new members to its Board and new employees for key positions.
In the coming the weeks the Company expects several significant events may take place and the news of these events will be distributed as the events unfold.
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.
