LAS VEGAS, July 2, 2018
LAS VEGAS, July 2, 2018 /PRNewswire/ -- GNCC Capital, Inc. (OTC: GNCP) ("The Company" and/or "GNCC") refers shareholders to its press release dated January 23, 2018 and to a number of material Corporate Actions as filed with the OTC Markets.
GNCC has completed the last of the outstanding Quarterly and Annual Reports to restore it as a "Current Filer" with the OTC Markets. Our Joint Venture Partners/Financiers requested to review all of these completed Financial Statements prior to being publicly filed. We agreed to this request, and all of these outstanding Quarterly and Annual Financial Statements will be filed with the OTC Markets this week, including the Quarterly Report for the period ended June 30, 2018. We had expected to file all of these outstanding Annual and Quarterly Reports today but we are of the opinion that their review request was fair and reasonable given their substantial forthcoming financial and other commitments to GNCC. This review would definitely not delay us filing by more than a few business days. The GNCC Directors stress that their review is not in any way coupled to any potential issues and/or delays; it was simply to ensure that we accounted for all pre-agreed accounting policies and restatements, which we have complied with.
Upon our restoration as a "Current Filer" on the OTC Markets, we will immediately announce the full details of our Joint Venture transaction and the financial affect upon GNCC on a going forward basis. We confirm that the completion and filing of our outstanding Financial Statements and our being designated as a "Current Filer" fulfills the last of the numerous conditions that we were required to meet in order to complete the Joint Venture agreement and to recapitalize GNCC; it is the final result of over six months of work and negotiations with numerous interested parties.
In response to numerous shareholder's correspondence, we can confirm that we are expecting our Transfer Agent, today and through tomorrow, to receive all of the physical required documentation to immediately cancel what was effectively 50% of our outstanding shares of Common Stock by various Shareholders. Furthermore, we can confirm that all of our outstanding loans and Convertible Loan Notes were cancelled and replaced by long term shares of Preferred Stock. This will all be reflected in the latest Quarterly Financial Report for the period ended June 30, 2018.
Shareholders may rest assured that given the extremely material accumulation of our shares of Common Stock in the last 4 trading sessions, coupled with what is clearly a heightened investor interest in our Company; GNCC's Directors are acutely aware of the vital importance of their delivery upon all promises made by themselves, and to ensure that all Filings and all other deadlines are met without any exceptions nor excuses whatsoever.
We truly appreciate the e-mails from many of our shareholders and their insights, their requests for absolute facts, and indeed their advice to ourselves, many of whom are clearly seasoned and sophisticated investors. We thank our loyal shareholders for their reasoned, rational and valuable advice. Their insight has enabled us to better understand how to our respond to our shareholder concerns and as to how to correct our previous mistakes.
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks that are detailed in the Company's filings, which are on file with the OTC Markets Group.
SOURCE GNCC Capital, Inc.