GNCC Capital Inc (GNCP)

[againstallodds]

Ted Blom trying to distanciate himself from GNCC!!!

Following is a translation of South-African article Nov 25 2019

https://www.netwerk24.com/Sake/Landbou/n-slang-in-die-geil-dagga-oes-wat-firma-beloof-20191124

A snake in the horny marijuana crop that firm promises

The outspoken Eskom commentator Ted Blom was struck with dumbness over boe the American company of which he is chairman, who is already going to make money like bushes from the South African marijuana market next month

GNCC Capital, a US-listed company, recently announced in a market announcement that investors will change their business focus from mining to South Africa's thriving marijuana market.

According to the announcement, GNCC has bought a South African company that is familiar with the medicinal marijuana market. In fact, the first marijuana harvest is coming in December, investors believe, but Rapport understands that there is not a single marijuana plant and the local company's license to grow marijuana has expired.

Blom tried hard last week to distance himself from GNCC when Rapport asked him for clear hero. Although, according to GNCC's notices to shareholders, Blom was the president of GNCC until the end of August and then became non-executive chairman, he could answer few of Rapport's questions about the company.
In fact, Blom denied that he was chairman. "As far as I know, I'm just an ordinary director," he said, indicating that he actually wanted to break away from GNCC.

Yet another company of which hyo is also a director is busy buying shares in GNCC.
He was unsure about the license. "I think I was in a snake in the grass with the license.
He was apparently looking for answers, because "other parties" were responsible for the due diligence investigation into the goods, but a week later he still did not give an explanation.
According to an announcement to shareholders on October 3, GNCC bought a 40% stake in a South African company, Jengu Parma. Jengu was founded in May this year and Blom is one of the three directors.
The other two are Nell-Mari Allen and Angelo Cox. The two of them like the other 60% of Jengu and apparently know the local marijuana industry well. Allen was licensed to grow and export marijuana. However, it expired in June, but she is apparently hesitant with an application to have it renewed.
After the GNCC deal, Allen became the president of the American company and Cox the chief operating officer. They are also executive directors.
The other two are Nell-Mari Allen and Angelo Cox. The two of them like the other 60% of Jengu and apparently know the local marijuana industry well. Allen was licensed to grow and export marijuana. However, it expired in June, but she is apparently hesitant with an application to have it renewed.
After the GNCC deal, Allen became the president of the American company and Cox the chief operating officer. They are also executive directors.
However, when Rapport asked Blom last week what Allen's role was in GNCC, he only revealed her directorship and further said: "Ask her yourself." This is probably because, according to Rapport's information, Allen resigned as "president" on October 24. Cox resigned shortly thereafter.
The reason for their resignations is apparently that at least R63 million in funding that GNCC promised never materialized. With that, Jengu would apparently buy marijuana farms in Limpopo, among other places, and set up new facilities such as a laboratory to meet the conditions for an export license.
Blom acknowledges that funding for the marijuana operations has collapsed, but says the Jengu traction has been implemented and new funders are still being sought.
Several controversial people are involved with GNCC. Ron Lowenthal, who previously worked as a stockbroker in South Africa, was the chairman before Blom. His name pops up alongside that of controversial businessman Stephen Lumb.
Business Report reported in 2001 that according to Lumb, Lowenthal would be the advisor to the ISE-listed Gaming of which Lumb was the CEO. However, the ISE rejected it and the trading of IGaming's shares was suspended.
According to reports, shareholders lost huge sums when IGaming went bankrupt. In 2003, according to Moneyweb, Lowenthal was a partner in the listed Hanover Capital in Britain, which appointed Lumb as CEO resigned a month later.
According to Blom, Lumb is only "a major shareholder" in GNCC but Rapport reliably understands that he plays a key role in the management of the company.
Lumb did not want to answer any questions from Rapport. He initially said he did not care what Rapport wrote, because he had no interest in South Africa being an "economically failed state with no hope of recovery".
Lumb says he has no interest in GNCC. He has ten-year-old shares, which he has long written off in his head.
He later contacted Rapport and threatened legal action if his name was taken.
Lowenthal did not respond to Rapport's query at all.