SOURCE: Surety Capital Corp.
FORT WORTH, TX--(Marketwired - Mar 5, 2014) - Surety Capital Corp. (OTC Pink: SRYP) announces its full year and fourth quarter ended December 31, 2013 financial results. Surety's Chairman of the Board and CEO Ralph Mendoza stated, "Surety's net income for the quarter was $15,809, a 392% increase over the same quarter ended December 31, 2012. Surety's net income for the year ending December 31, 2013 was $49,167, slightly better than 2012, with an increase of approximately 2%." Mendoza further stated, "We hired a salesperson at the beginning of the year who took longer to reach their potential but based on the fourth quarter's results, we now believe our investment in growing the company is finally paying off. This is the twelfth quarter in a row that Surety has had a net income from its ordinary business operations." Mendoza finally stated, "Our decision last year to conserve cash and direct earning back into the Company by not continuing to incur the cost to have the Company pay fees to be quoted on the OTC Market and publish the required reports has significantly contributed to maintaining a positive trend in net income, however it has resulted in marginal to no trading in our shares. The last reported trade of $.0025 per share would indicate our market capitalization is 20% less than our annual earnings for the past year and less than our annual earnings in any year since our acquisition of Herrera Financial Company's customer list, web-site, systems and name on December 31, 2010."
CEO Chairman Mendoza stated, "The Board of Directors is in the final stages of getting shareholders' approval that Surety change domicile to the State of Texas from Delaware and forward split its stock 100 for 1. Given the dynamics of how stocks trade in our market level we are hopeful that such action will increase our overall market valuation." A majority of the shareholders are required to approve the actions and the Board of Directors directly and/or indirectly control more than 50% of the shareholders' votes. Surety Capital Corporation currently has 16,520,973 shares outstanding out of an authorized 20,000,000 shares. After the split there will be 1,652,097,300 shares outstanding and 2,000,000,000 shares authorized.
For more details concerning our financial statements, reports and other corporate matters, please contact either Ralph Mendoza or Dick Abrams at 817.850.9800 or firstname.lastname@example.org.
Market Statement: Some limited information about Surety is contained on the OTC Markets OTCPink website; however the Company does not file reports with the Securities and Exchange Commission or otherwise make current financial or other information publicly available. With a lack of current public information available, anyone considering purchasing or selling the Company shares should carefully consider the risks involved with the lack of having such information.
This release contains forward-looking statements that reflect Surety's plans and expectations. In this press release and related comments by Company management, words like "hope," "profit," "leading," "opportunity," "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.