NEW YORK, Sept. 29, 2015
NEW YORK, Sept. 29, 2015 /PRNewswire/ -- GNCC Capital, Inc. (OTC: GNCP) ("The Company") updates its stockholders on certain key issues.
We confirm that the finalization and the re-organization of our Mining Exploration portfolio will finally be completed this week. This will result in the Company significantly increasing its exposure to Silver Exploration whilst maintaining our interests in Gold Exploration. This reorganization does not affect, nor increase, the shares of our Common Stock nor any of the classes of Preferred Stock in issue. Nor will it in any way result in the Company assuming any additional debt whatsoever.
The primary purpose of this reorganization is to allow us to focus on interests that are attractive to potential Joint Venture Partners and to increase our interests in the Silver Exploration sector; this reorganization primarily being due to currently depressed precious metals prices, which in our opinion, could well present us with substantial opportunities. This is final phase of a restructuring plan that Management has been implementing for some time.
As a result of our restructuring plan, the Company's short and long term debt was reduced substantially through the issuance of long term classes of Convertible Preferred Stock. This served to materially reduce the Company's interest payable and reduced the large majority of the Company's long term interest bearing liabilities. The Company also obtained substantial concessions from all holders of interest bearing Preferred Stock to materially reduce the interest payable and for a period of time.
The Company's Directors renewed the Stock Repurchase Program as filed as the OTC Markets Disclosure Service on September 24, 2015. The Company's fiscal year end is September 30, 2015 and the Directors intend to ensure the publication of the Company's Annual Report in October of 2015 to ensure no delays in the implementation of this Stock Repurchase Program. The Company brought all of its Quarterly Reports and other requisite filings up to date in August and in September of 2015, following the Company's Directors obtaining mutually agreed upon cancellations of acquisitions executed in 2014 and without the Company suffering any financial losses on these cancellations.
The Company's Directors remain committed to the acquisition of revenue producing assets and it is hoped, that the initial acquisitions will be consummated within a reasonable timeframe. The Company's Management continues to seek alliances and partnerships that we hope will allow us to monetize our Mining Exploration interests and within in a reasonable time frame. We believe that these steps will allow us to maximize shareholder value going forward.
The Company's Directors will update stockholders as transactions are consummated.
About GNCC Capital, Inc.:
GNCC Capital, Inc. is intending to become a Diversified Holding Company which at present has significant assets in Gold & Silver Mining Exploration in Arizona and Nevada.
The Company holds additional investments including a 70% interest in ASPA Gold Corp.
The Company intends to continue to diversify into other Industry Sectors through acquisitions and as they present themselves; only upon our stated criteria. The Company is a Current Information Filer on the OTC Markets.
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.
GNCC CAPITAL, INC.
Ronald Y Lowenthal
Telephone: (702) 951-9793
E Mail: email@example.com
Investor Relations Contact:
[We would be very appreciative if all investor questions be directed to this E mail address and not to our telephone voicemail until such time as we have appointed a dedicated Investors Relations Firm whom will deal with all telephonic enquiries]
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SOURCE GNCC Capital, Inc.