Baron Capital Enterprises, Inc. (BCAP) (www.baroncapitalenterprise.com) is pleased to announce the Company has sold all of its shares in RightSmile, Inc. (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.