This one's dead, but in case it comes back from the dead, here's the warning:
I placed a novel with them and thought it might be okay, because even though they were a new press, I'd met three of the four people involved and they were all decent people. Then one of them, the main author they were publishing, left and started her own press (which now only seems to exist as a name on her own e-publications; there was a website at one point). This was all above board and I was told about it, though it seemed odd since they hadn't been around for that long.
I did a full MS revision with one of the people who stayed.
I emailed in March 2013 to ask if the press still existed, because the website had vanished, and I got this response from her:
We still exist, and you are not forgotten. The site was down because it was moving, or so I'm told. Just got access to email back today, I'm glad your message didn't sit there and languish for weeks or something. I'm sorry, I thought I'd mentioned we were moving servers. Even if I did, it took a lot longer than I expected. The website is back up and we're moving right along despite my extra long adjustment back to working full time.
I sent further emails in June and September. In November 2013 I sent official notice that I was taking the rights back. None of these were ever responded to. That's a huge long adjustment to working full time, and even if the website crashed and took every email with it, it's not as if she didn't know what my name was, and couldn't Google me to let me know that the press was closing down. I have no idea what the other two people were doing during this time.
tl;dr: Amateurish and unprofessional. Just because you love books and have copyediting experience doesn't mean you can run a press.
I'll keep an eye out for any future escapades and let you know if the names match up. (The complete absence of names on the press website should have been another red flag for me.)