GNCC CAPITAL, INC.
PREMIER DEVELOPMENT & INVESTMENT, INC. ACQUIRES A LOAN DUE AND PAYABLE BY THE COMPANY FROM A THIRD PARTY
EFFECTIVE: MAY 21, 2021 FILED: MAY 21, 2021
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The Board of Directors of GNCC Capital, Inc. (OTC: GNCP) (“the Company or GNCC”) confirms that Premier Development & Investment, Inc. (OTC: PDIV) (“the Company” or “Premier”) has acquired a loan due and payable by GNCC to Stelan Real Estate Management, Inc. (“Stelan”).
The amount of this loan is in the amount of $3,425,081 (Three million four hundred and twenty five million and eighty one dollars). This loan by Stelan to GNCC was unsecured, interest free and had no fixed terms of repayment. This loan was disclosed by GNCC on their Balance Sheet for their Q2 Reporting Period ended March 31, 2021.
Stelan elected to increase its financial exposure to Premier and away from that of GNCC.
Premier acquired this loan through its wholly owned subsidiary Company, Premier Private Equity Holdings, Inc. (“PPEH”)
Premier has not as yet formulated a decision as to the terms of this loan to GNCC and in the immediate term, will leave it as a loan to GNCC, interest free and unsecured. This may well change in the future. Premier shall at this time, treat this loan due and payable by GNCC as an Investment.
Premier is considering the advancement of limited funding to GNCC but any such transaction(s) will be conducted on an arm’s length basis (see Disclosure Statement) below and subject to Premier’s core objectives as set out in Premier’s Chairman’s Letter and as contained in Premier’s Q1 Report; dated March 31, 2021.
DISCLOSURE STATEMENT:-
It is disclosed that Premier through its wholly owned subsidiary, Premier Equity Investments, Inc. (“PEI”) owns an amount of 15 billion shares of restricted voting shares of GNCC Common Stock, representing 37.68% of the GNCC outstanding Common Stock.
Premier’s Directors both serve on the Board of Directors of GNCC, PPEH and PEI.
DATED: MAY 21, 2021
