Surety Capital Corp. Announces 2013 Earnings
March 05 2014 - 3:40PM
Marketwired
Surety Capital Corp. Announces 2013 Earnings
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 dick@sryp.net.
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.
Forward-Looking Statement 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.
Media Contact: Chairman Ralph Mendoza Email: Dick@sryp.net Tel.
(817) 850-9800