LAS VEGAS, Jan. 23, 2018
LAS VEGAS, Jan. 23, 2018 /PRNewswire/ -- GNCC Capital, Inc. (OTC: GNCP) ("The Company" and/or "GNCC") acknowledges receipt of many inquiries from its stockholders and appreciates their thoughts and their input, no matter how critical. The Directors genuinely appreciate their frankness and we share their concerns.
GNCC cancelled its planned Reverse Split of its Common Stock and its name change. GNCC will not be revisiting such corporate actions whatsoever. These State Filings were published by GNCC on the OTCIQ.
The Directors are now in a position to confirm the following:
As of this date, the Company's Directors is now in a position to confirm that the Company is in very advanced talks with a publicly traded Company in order to form a Joint Venture between GNCC and that Company. GNCC now has to meet certain conditions required to be fulfilled in order to consummate this Joint Venture. GNCC's Directors are working to fulfill these conditions. These negotiations and planning have been ongoing for several months and have involved a number of outside independent parties and Consultants.
GNCC Directors feel it inappropriate to address all of these conditions in this press release; but we are now in a position to confirm that these conditions do however address many stockholder concerns; which include: the amount of outstanding shares of Common Stock, a Balance Sheet restructuring, extending the Stock Repurchase Program, an amendment of the Conversion Dates of all existing Loan Notes and the issued Preferred Stock and to complete all outstanding filings in order for GNCC to be restored to that of a "Current Filer" on the OTC Markets. There are a number of additional requirements in addition to these aforesaid requirements to be fulfilled and reported upon accordingly. The revised and updated GNCC web site will only be uploaded upon the completion of this Joint Venture as it was designed to incorporate the Joint Venture being completed.
These proposed transactions in the Joint Venture are all cash based and GNCC has to meet these requirements in order to facilitate the obtaining the Company's cash requirements. No shares of GNCC Common Stock or short dated Preferred Stock are being issued in terms of this proposed Joint Venture or for GNCC's required cash requirements. The primary rationale for this Joint Venture was for Investors to be able to spread their risk between two publicly traded Companies instead of a single Company. In the Directors' opinion, GNCC was unlikely to have met those requirements as a standalone entity.
We can confirm that the President of GNCC, Ted Blom will be responsible for day to day control and execution of the proposed Joint Venture and will serve both Companies. Mr. Blom has committed to manage these Companies interests on a full time basis. Details of his remuneration and incentive package will be filed by both Companies but only upon the completion of the Joint Venture.
GNCC, for some months now, has had a limited amount of unsecured cash financing in order to fulfill these conditions required; and has enabled GNCC to pay its normal ongoing expenses as are required by a Publicly Traded Company.
The Company's Directors are not in a position to elaborate further at this time due to the sensitive nature of the Joint Venture and the involvement of another publicly traded Company. Therefore should the Joint Venture be completed, all public statements will made available to the stockholders of both public companies and at the same time.
The GNCC Directors are cautioning that should this Joint Venture be concluded; it is a very substantial and radical departure from GNCC's previously stated objectives, policies and corporate actions. This Joint Venture as currently proposed, was engineered and focused solely upon revenue generation and an accelerated tangible asset base.
The Directors are mindful of two historical failed transactions by GNCC and are therefore taking every possible precaution in order to avoid any further failed or stalled transactions; which resulted in zero financial losses to GNCC. Nevertheless these were highly counterproductive, wasted many months of what transpired to be wasted effort and manpower; ultimately resulting in personal embarrassment to the GNCC Directors. Furthermore, in the Directors' opinion, these actions damaged the reputation of both GNCC and its Directors. The Directors are determined to restore credibility in order to protect its valued stockholders interests and are exercising extreme caution in any dealings to avoid any such reoccurrence. This restoration of trust, of which the Directors are acutely aware; takes time and a very consistent follow through upon their promises and commitments. The GNCC Directors will not disclose their timelines or give any commitments with promised completion dates until the Directors are absolutely assured that any such promises are met.
All material events will be filed on the OTCIQ as they are consummated and stockholders will be kept updated. The Company's Directors are not going to address any speculation and respectfully request that stockholders rely upon Company issued information for actual facts. The GNCC Directors consider it inappropriate at this time to answer individual inquiries from stockholders; but will update through publicly accessible OTCIQ Filings and Press Releases; upon a regular basis, or as is required for material actions.
About GNCC Capital, Inc.:
GNCC Capital, Inc. at present has assets in both Gold & Silver Mining Exploration.
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
Nicolaas Edward "Ted" Blom
Telephone: (702) 990-0156
E Mail: firstname.lastname@example.org
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]
SOURCE GNCC Capital, Inc.