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247MGI Completes Merger, Enters Billion Dollar Financial Service Sector and Forecasts Revenues in Excess of $10 Million
Date : 09/28/2011 @ 8:45AM
Source : Business Wire
Stock : 247MGI, Inc. (TOFS)
Quote : 0.0009 0.0 (0.00%) @ 4:32PM
247MGI Completes Merger, Enters Billion Dollar Financial Service Sector and Forecasts Revenues in Excess of $10 Million
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247mgi (PC) (USOTC:TOFS)
Historical Stock Chart
1 Month : September 2011 to October 2011
247MGI, Inc. (Pink Sheets:TOFS) (“247MGI”) is pleased to announce through its wholly owned subsidiary Baron Capital Holdings, LLC, TOFS has officially completed the acquisition of Baron Capital Transfer and Registrar, LLC, a stock Transfer Agency registered with the SEC.
The Company shall be profitable during the fourth quarter of 2011 and should have projected revenue of over $10 million for fiscal 2012 from the investment division alone, not including fees generated from the Transfer Agency or any of its brokerage services.
The Company has filed with the State of Florida an Amendment to take effect November 1, 2011 to change the name of the Company to Baron Capital Enterprises, Inc., (www.baroncapitalenterprise.com) this will give the Company time to work with FINRA to complete the name change and obtain a new trading symbol.
Through a series of subsidiaries the Company shall complete its objectives, the first two subsidiaries to become active are the Transfer Agency which shall commence operations in October; this will generate revenue for the Company, and act as a conduit for other business opportunities. The second division will be the investment division which shall purchase aged convertible debt or participate in private placements. These ventures usually bring a high rate of return. This division alone will start out with several hundred thousand dollars of aged convertible debt which it will begin converting and turning into cash for the Company to use during October.
The investment division will fall under the brokerage side of the business. The Company plans to purchase two separate firms, one for trading and clearing of securities and the other for retail investors. The retail firm will use an online platform to maintain low operating costs, while using the other firm to clear and handle trades. The Company has been doing extensive research to find suitable candidates that will fill these spots and should be placing a deposit on one in the coming weeks.
Over the next year the Company will register with the SEC to act as a clearing agency to help offer companies an alternative to DTCC as well as create a secondary market place for companies to trade. These ventures will take time to complete, but will truly make Baron Capital a “one stop shop.”
During the coming months the Company looks to expand the Board of Directors with local business leaders and people who can add creditability to the overall Company, as well as adding additional Officers while being cost conscious.
