Baron Capital Issues Update: Series AA Preferred Reduced To 643,500 Shares Outstanding
FT. LAUDERDALE, Fla., Oct. 23, 2012 /PRNewswire/ -- Baron Capital Enterprises, Inc. (OTCPK: BCAP) (www.baroncapitalenterprise.com) is pleased to announce the Company has sold all of its shares in RightSmile, Inc. (OTCPK: RIGH) and has no other debt available to convert. The Company will use the funds to offset costs associated with the Audit and S-1 filing that the Company is preparing to file and fund operations through the year end.
The Company has reached an Agreement with RIGH to extend a $200,000 Note that was due on October 18th until January 18th, 2013 to allow them to secure financing. As part of the deal, Baron has offered a 25% discount to the principal amount if a cash payment was made.
The Audit for the Company is moving forward without any issues. The Company is preparing "Confirmation Letters" for all Attorneys used by the Company, for all bank accounts, for all debt holders of Baron in previous years, and for all Convertible and demand loans Baron has for other Companies. This is standard practice to verify with third parties the information Baron is stating is true and accurate.
The Company is pleased to announce the reduction in its Series AA Preferred shares to 643,500 shares outstanding at this time. The Series AA where created for use in voting and never intended to be used as a tool to convert into large amount of Common shares. The Company will work to eliminate more of the Preferred prior to the S-1 filing.
During the month of October the Company will be updating shareholders on the following items:
- Transfer Agent Acquisition
- Audit for the Subsidiary
- write off of accumulated salary.
More updates on the Company to follow over the coming weeks.
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.