FT. LAUDERDALE, Fla., Nov. 15, 2012 /PRNewswire/ -- Baron Capital Enterprises, Inc. (OTCPK: BCAP) (www.baroncapitalenterprise.com) is pleased to announce the Company has executed two separate consulting agreements in excess of $350,000.
Baron had been working on these agreements since the first week of October and finally closed the deals this week. The execution of these agreements was priority number one for the Company to be able to continue to funds its operations without having to use its equity to raise capital. The Company is working on two more consulting agreements it hopes to have executed by the end of year.
The Company decided to postpone the closing of the transfer agency acquisition until after these agreements had been executed and the 3rd quarter financials are filed. We have been in touch with the Transfer Agency and they understood the need to close these transactions for the long term growth of the Company. The transfer agent acquisition is the next item to be completed by Baron which will be completed prior to the end of the year.
Baron's audit is underway. Our shareholders need to understand since we wanted to write down the old liabilities to help clean up the balance sheet the actual review of the audits did not begin until just after the 2nd quarter was filed. Based on the information the Company has received from the auditors we still believe the audits for fiscal years 2007 through 2011 will be completed by year end.
Other news items:
The accumulated salary will be written off against the issuance of Series AA Preferred shares based on the closing price of the Common as of September 30, 2012. Conversion of the accumulated salary to Preferred will be calculated by taking the closing price, times 10,000, then dividing the accumulated salary by that number equaling the number of new shares of Series AA issued.
The Company is compiling the information needed to forward to the auditors who will audit the subsidiary which should be completed by the end of November. Then the new transfer agency will be audited for fiscal years 2011 and 2012 leading to an S-1 filing during the first quarter of 2013.
The Company is working on the executive summary and company comparisons for its pending S-1 filing which it plans to do by the end of 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.