Baron Capital Issues Update
FT. LAUDERDALE, Fla., Dec. 28, 2012 /PRNewswire/ -- Baron Capital Enterprises, Inc. (OTCPK: BCAP) (www.baroncapitalenterprise.com) would like to take this time to update all of its shareholders prior to the year ending.
Baron had planned on filing its 3rd qtr report this month followed up by the Attorney Letter to resume a "Current Information" tier with OTC Markets, unfortunately we had some unexpected issues delay its ability to make its intended deadline. The Company's server is experiencing some technical difficulties with its VPN and has been infected with a Worm. The IT person is out of town for the holidays and cannot remote in to fix the issue, because of these conditions the CPA cannot log in to complete out report on time.
The report will be filed in a couple weeks followed by the Attorney Letter which will allow the Company to resume its "Current Information" status.
The data has not been affected as we have redundant backups of the data, but will implement a safe guard system so this does not affect the operations of the Company in future.
Another reason for the delay is the work load placed on one person with everything the Company is working on, does not leave any margin for error. The Company has a consultant beginning in the New Year who will work under its new subsidiary and help shift part of the work load from Baron including finishing the acquisition of the transfer agent. The Company has lined up 3 new Directors and is in discussion with a seasoned Mergers and Acquisition candidate to assume the roles of CEO and President of the new subsidiary.
The company has reached an agreement to acquire 200,000 shares of its Preferred Series AA for $10,600 of which $6,600 has been paid. The balance will be paid in January at which point the Company will work to reduce the outstanding number of Preferred Series AA to 240,000 with the goal of eliminating the Series altogether by 2014.
The Audit is still underway. The inability to access information when requested has slowed the process, but we are confident the process will be completed during the first quarter and the audit will now include 2012.
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.
SOURCE Baron Capital Enterprises, Inc.
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