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.
Contact:
Matt Dwyer, President
matt@bcapent.com
954-623-3209
SOURCE Baron Capital Enterprises, Inc.