247MGI to Reduce Its Authorized Shares by 25% and Begin Purchasing Back Shares of Its Common Stock This Month
247MGI, Inc. (Pink Sheets:TOFS) (“247MGI”) soon to be known as Baron Capital Enterprise, Inc. (“”Baron Capital”) has decided to fast track the next planned share reductions so it takes effect for the fourth quarter. Over the next 90 days the Company will reduce the Authorized shares from 1.6 billion to 1.2 billion, a 25% reduction. In order to complete the reduction the Company will need to reduce the total number of shares Outstanding by a minimum of 160 million.
The first 200 million shares of the planned reduction from the Authorized shall take place today. The Amendment documents will be submitted to the State of Florida and a stamped copy of the documents will be forwarded to the transfer agent once the Amendment has been completed.
Over the past week Baron Capital has seen the price of its common stock plummet for no reason, although the Company feels the price should be higher, it plans on taking advantage of these low levels to begin purchasing shares out of the market. Baron Capital shall open its trading account and begin converting debt from other companies and using those proceeds to purchase shares out of the market.
To help further instill shareholder confidence Baron Capital shall begin publishing monthly Security position reports on its web site effective November 1, 2011. These reports come directly from DTC and show all the shares traded in street name. It will also show if new shares have been added or if shares have been removed from the market. It also shows how many shares a particular brokerage firm holds and if any have been bought or sold during the past 30 days.
Later in the week the Company plans on releasing forecasting information on the financials for the period ending September 30, 2011. These will reflect the acquisition of Baron Capital and will show updated numbers for total Assets and Liabilities which will have changed significantly from the end of the Second Quarter.
The Company asks Shareholders to monitor PinkSheets.com and www.baroncapitalenterprise.com for continued developments.
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.
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