GNCC Capital, Inc. (OTC: GNCP) (“The Company” or “GNCC”) advised our shareholders on August 21, 2019, August 27, 2019 and on September 3, 2019 that it was confirmed that a majority of the Company’s Shareholders would serve notice upon the Company to enforce and indeed ratify all of these very material transactions as set out in these Press Releases.
We can now confirm that shareholders voting in excess of 51% of the shares of the Company’s outstanding Common Stock have now finally signed a Shareholder Resolution with all of the previously announced demands now having being ratified and with immediate effect.
Your current Board of Directors has now ratified and accepted all of these Shareholder Resolutions as we are required, by law.
Given that all of these Shareholder Resolutions include a new Board of Directors, shareholders will now receive updates this week, and possibly as early as this week, from the new Board of Directors.
We can confirm that these updates include cross border transactions, the disposal of the majority of the Company’s Mining Exploration Interests, the acquisition of a large minority interest in a foreign Cannabis Company, the appointment of a new Board of Directors, a number of material transactions as well as certain “Hedging” and Funding arrangements with third parties.
On a separate advisement; we confirm that the Company did commence trading in Futures Contracts some two weeks prior to this announcement and in very material financial terms, the initial trading having exceeded $10 million in contracts traded for this period. This will be accounted for in the Annual Financial Statements to September 30, 2019.
The current and the incoming GNCC Directors are of the opinion that all of these transactions and these numerous corporate actions must be publicly and simultaneously released to the market. This will ensure that our shareholders have an immediate and accurate assessment of what is an extremely material restructuring of the Company. This information will be filed on the OTC Markets and within four days from the date of this announcement.
The Company will now be solely focused in the Cannabis Sector. Your outgoing Executive Directors will no longer be issuing public announcements. This will now be at the discretion of new Executive Directors. This being with immediate effect.
The Company’s Executive Chairman, Mr. R Y Lowenthal has now formally resigned but has agreed to stay his effective resignation but will continue to serve as a Non-Executive Director for a period of no more than one month; and solely to complete the Annual Financial Statements for the Year Ended September 30, 2019. In order to facilitate an orderly transition. Mr. N E Blom has resigned as an Executive Director and as President of the Company but will now serve as the Company’s Non-Executive Chairman and as a Director.
The Company expects to announce a new President/ CEO as well as a Chief Operating Officer within days of this announcement. Both will also serve as the principal Executive Directors of the Company.
The outgoing Directors wish to extend their gratitude to all of the loyal and patient shareholders for all of their support over the past few years; without their support, these transactions would never have come to fruition.
Forward-Looking Statements:-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.