Baron Capital Issues Update
PR Newswire
FT. LAUDERDALE, Fla., Jan. 6, 2012
FT. LAUDERDALE, Fla., Jan. 6, 2012 /PRNewswire/ -- Baron Capital Enterprises, Inc. (OTC:BCAP: PK) (www.baroncapitalenterprise.com) would like to take this time to dispel some rumors and false statements being made about the Company and its current Sole Officer and Director.
The Company filed a Form D on November 30, 2011 with the SEC alerting investors it was seeking to raise $250,000 through a 504 Reg D Offering. The Company has to date received a total of $102,500 in 4 separate transactions from a third party company, Fairhill Capital each transaction will be detailed in our Annual Report.
The Company used a 3rd party to avoid any concerns of impropriety. The Company has received emails claiming that it has sold 1 billion shares averaging $.0005 or $500,000; these are false and misleading allegations. The first sale of the 504 was re-priced due to a severe drop in market value from when the Company first began talking to Fairhill and then continued to drop, falling 50% from $.0012.
The Company had approximately $9,000 in the bank at year end and the balance was used for Company expenses which will be outlined in its Annual Report. Part of the proceeds have been used to acquire the software needed to operate the Transfer Agency which training for that software will take place this month. The remainder was used as loans made to other companies as part of its normal operations.
The Company had stated several times last year that it intended to reduce the Authorized shares to 1.2 billion by year end of 2011. While the Company had every intention of completing this task it needed to move forward on its business plan to allow this action to take place. The Company decreased its Authorized shares from 100 billion to 1.4 billion then increased the Authorized shares back to 2.4 billion. This was meant to be used as bridge to allow the Company to move forward. Unfortunately the market value of the Company decreased and unforeseen obstacles with its investments have lead to delays in this intended plan.
The Company had several issues that derailed the stock buy-back from taking place using proceeds from its convertible debt. First, was a Caveat Emptor placed on one company and the second company has a "DTC Chill" on new deposits, which that company is working to get fixed. Baron has worked to get both companies restored back to Current Information so once a brokerage account is opened the Company can begin to convert its debt. The trading account is currently in the works as the Company was forced to open an account out of the Country because it was viewed as a competitor even though it is not. To date, Baron still owns all the debt in both companies and has yet to convert any of its debt.
The Company also planned on having a few investors purchase shares in the open market and exchange them for Preferred, but once again, due to the drop in value that has continued this would not have benefited the Company. The purchase of shares at this stage on the open market and exchanged with Company would allow only a few shareholders to benefit. The Company has based on its last NOBO list over a 1,000 shareholders, thus, actions of the Company should benefit everyone.
Updates will follow shortly.
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
nothing has changed... Puff Puff Pass PRs.
