WRONG AGAIN !!!
GNCC Capital, Inc. Provides Operational Update and Revenue Guidance
GNCC Capital, Inc. (OTC:GNCP) (“The Company”) updates on its operations and provides revenue guidance on its operations as follows:
Gold Coast Gaming Corp (“Gold Coast”) subsidiary Revenues (Actual):
August, 2014: Actual Gross Gaming - $664,510
September, 2014: Actual Gross Gaming - $830,203
October, 2014: Actual Gross Gaming - $1,027,255
Revenues and profits for both August and September, 2014 will be accounted for in the Company’s financial year ended on September 30, 2014 as GNCC’s acquisition of Gold Coast was effective August 11, 2014. Gold Coast and its two operating subsidiary companies were profitable in these months, with their profits, revenues and gross gaming being higher than Management’s forecasts and they remain debt free.
Forward Guidance for this First Quarter ending December 31, 2014 in respect of Gold Coast:
October, 2014: Actual Gross Gaming - $1,027,255
November, 2014: Projected Gross Gaming: $1,078,000*
December, 2014: Projected Gross Gaming: $1,085,000*
*Excludes the anticipated acquisitions of two additional operating Arcades in this First Quarter ending December 31, 2014.
Gold Coast’s Management has raised both their Gross Gaming, Revenues and Profit Guidance for this First Quarter ending December 31, 2014; primarily due to seasonal increases for South Florida; and coupled with increased spend by Gold Coast on targeted advertising and promotions in both Arcades. Gold Coast, prior to any acquisitions, is forecasting Gross Gaming of $3,190,255 or this First Quarter ending December 31, 2014.
It is anticipated that Gold Coast will acquire an additional two Arcades in this quarter with similar revenues and profits to the two Arcades owned by Gold Coast. Should these acquisitions be consummated in this First Quarter, revised Gross Gaming, Revenues and profit guidance for this First Quarter, will be published.
NOTE: GNCC Management does not intend to publicly project the EBITDA projections from Gold Coast until they are expected to exceed an amount of $250,000 in any Fiscal Quarter.
Management Commentary on Gold Coast:-
GNCC’s Press Release dated August 12, 2014 stated that “At present, with its initial two operational sites, Gold Coast is expected to generate annual net revenues of $1.6 million and Annual Gross Gaming of $4,500,000.” This statement is hereby revised, as follows:-
“At present, with its initial two operational Arcades, Gold Coast is expected to generate Annual Gross Gaming in this fiscal year ending September 30, 2015, of $11,000,000, this excludes the impact of further acquisitions.”
Furthermore, this statement in that same Press Release dated August 12, 2014, “That Management expects that Gold Coast will own and operate no less than six such operations by October 31, 2014. This is expected to result in annual net revenues of $5 million and Gross Gaming of $15 million”; is hereby revised as follows:-
“Management expects that Gold Coast will own and operate no less than four such operations by December 31, 2014. This is expected to result in annual Gross Gaming of $22 million. The anticipated acquisition of two additional Gaming Arcades in the Second Quarter ending March 31, 2015, bringing the number of Arcades to six, is expected to result in annual Gross Gaming of $33 million.”
The Company’s rationale for the acquisition of Gold Coast and its strategy for Gold Coast remains as the expansion through the immediate term acquisitions of an additional four similar and well established gaming operations in South Florida and for cash. It is however anticipated that the Company will acquire two in the First Quarter ended December 31, 2014 and an additional two in the Second Quarter ended March 31, 2015. The Company has secured the requisite funding for these additional four immediate term acquisitions and will be issuing shares of the Company’s Series D Convertible Preferred Stock at a price of $1.00 each; in settlement of this funding.
Substantially more acquisitions by Gold Coast, post March 31, 2015 are planned and it is noted that the number of these acquisitions will be limited only by the Company’s ability to raise funds outside of its own retained cash earnings, as will be required to facilitate such further acquisitions.
It is GNCC’s policy that Gold Coast retain all of its operating profits and cash to assist in the funding of its acquisitions of additional Arcades; and as such, Gold Coast does not contribute to the funding of any other GNCC activities whatsoever.
.
"$33,000,000 dollars PLUS" !!!!! wonder how many more they own....GOOD LUCK !!! tic toc !!!
