GNCP - GNCC Capital, Inc. - Completion Of Company Restructuring
News provided by GNCC Capital, Inc.
Oct 03, 2019, 06:00 ET
LAS VEGAS, Oct. 3, 2019 /PRNewswire/ -- GNCC Capital, Inc. (OTC: GNCP) ("The Company" or "GNCC") advised our shareholders on September 30, 2019 that a majority of the Company's Shareholders voting in excess of 51% of the shares of the Company's outstanding Common Stock had signed a Shareholder Resolution with all of the previously announced demands now having being ratified and with immediate effect.
Following the directives of those with voting control, we confirm with immediate effect, THAT:
Ms. Nell-Mari Allen has been appointed as the Company's President and an Executive Director; and
Mr. Angelo Cox has been appointed as the Company's Chief Operating Officer and an Executive Director; and
The Company now holds a 40% interest in Jengu Pharma (Pty) Limited ("Jengu") in the Republic of South Africa ("South Africa"); and
Ms. Allen and Mr. Cox hold the balance of the shares in Jengu, being a 60% interest.
The Company is now solely in the Cannabis Sector. The Company has retained two Mining Exploration Properties as a passive investment. It is intended that these Properties will be disposed of in due course. The Company's Executive Directors will not be responding to any requests for information on the Company's remaining Mining Exploration interests. Full details are being provided on an OTC Markets filing by the Company's former Executive Directors.
All of the detailed Filings giving effect to these multiple transactions are being filed with the OTC Markets.
We reiterate that the Company's Executive Chairman, Mr. R Y Lowenthal has now formally resigned but has agreed to stay his effective resignation and 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; and ensure an orderly transition. Mr. N E Blom has resigned as an Executive Director and as President of the Company and will now serve as the Company's Non-Executive Chairman and as a Director.
Ms. Allen and Mr. Cox will commence with an extremely active engagement process with their shareholders from early next week and are looking forward to introducing the "new GNCC" to their shareholders; and setting out their immediate and future plans for the Company. Ms. Allen and Mr. Cox bring a wealth of knowledge and experience in the Cannabis Industry as well as unique and extraordinary immediate opportunities for the Company; due to their interests in the Cannabis Industry in South Africa.
Given this extremely material restructuring and rebranding of the Company after many years under the control of the previous Executive Directors and having formerly been in the business of Mining Exploration; both Ms. Allen and Mr. Cox have recognized the need to; and have committed to expend the next two weeks in shareholder engagement. This is to ensure that all shareholders and investors become familiar with the Company's new business operations, opportunities, Licensing and the Cannabis Industry in South Africa.
Furthermore, they intend to evaluate and possibly consummate, two other transactions in this Sector that the former Executive Directors had been negotiating.
Both Ms. Allen and Mr. Cox wish to emphasize that GNCC is now purely a Cannabis Company. Therefore they have absolutely no intention of discussing nor commenting whatsoever upon any previous business operations and/or transactions enacted by the former Management Team of GNCC.
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.
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