8-30-2006 Update
Dear Shareholders,
GMC Holding Corp. would like to begin clarifying its direction, its
structure and its objectives. We emphasize the importance of all
shareholders maintaining possession of their stock certificate. We
want to stress the critical nature of the September 15, 2006 deadline
for stock certificate requests. This information will provide our
shareholders a greater perspective and confidence for the future
success of the company.
We have been informed some brokerage firms have offered to buy GMC
Holding Corp. stock for pennies on the dollar advising their client
to take advantage of a tax loss. If you feel the technology is
valueless, then you might consider taking this advice. We strongly
advise against this option, due to the upcoming change in status of
the technology to Patent Pending and our future plans.
REMAT Systems, LLC was formed over a year ago for the purpose of
receiving the REMAT technology held by GMC Holding Corp.. Shifting
the technology to an LLC is the best instrument for tax purposes. In
the interim between the formation of REMAT Systems LLC and the
company requested SEC directive changing our corporate status from
Public to Private, we had REMAT Systems, LLC audited and transferred
the REMAT technology to the wholly owned subsidiary. These
preparations readied the LLC to receive the REMAT technology and the
GMC Holding Corp. shareholder base as a spin-off into an audited
private company. We have initiated the patent filing process of our
technology with the USPTO. This filing will change the status of our
technology to Patent-Pending.
Upon expiration of the stock certificate request period, we will
declare a dividend and begin the process of issuing REMAT Systems,
LLC member units (the terminology for shares in an LLC is "units").
The units will be on a one to one issuance from GMC Holding Corp.
shares to REMAT units. The Board of Directors has passed a unanimous
resolution to maintain the frozen status of our GMC Holding Corp.
stock as a Private company. This means the company will not issue
any new or transfer any existing shares, unless to satisfy some
statutory or legal requirement, until the SEC has concluded its
investigation and renders its final recommendations. The Board of
Directors feel it is in the best interest of the shareholders and the
company for the status quo to be maintained. Freezing the stock
insures the integrity of the member unit issuance as the proof of
ownership will be a stock certificate. This is why all shareholders
of GMC Holding Corp. must request their certificate from their broker
dealers, if your certificate has not been requested or is not in your
possession. If you do not have a stock certificate, you will maintain
you stock position in GMC Holding Corp. but you will not be issued
member units in REMAT Systems, LLC. The pro rata issuance of member
units will take place from our internal stock ledger and your Member
Unit Certificate will bear the same number as your GMC Holding Corp.
stock certificate.
It is the intention of management to take REMAT Systems LLC public.
We will continue to provide more detailed information as it becomes
available. If you have any further questions regarding this corporate
update or any other matters concerning GMC Holding Corp. please
contact Dan York at dan@gmcholdings.com.
Thank you for your support and ongoing interest.
