GNCC Capital, Inc. - Update On Our Completion Of The Company's Restructuring

LAS VEGAS, Sept. 3, 2019 /PRNewswire/ -- GNCC Capital, Inc. (OTC:GNCP) ("The Company" or "GNCC") advised our shareholders on August 21, 2019, see Press Release: https://www.otcmarkets.com/stock/GNCP/news/GNCC-Capital-Inc----Corporate-Actions-Demanded-By-Majority-Of-Companys-Shareholders?id=237967; and again on August 27, 2019, see Press Release: https://www.otcmarkets.com/stock/GNCP/news/GNCC-Capital-Inc---Now-Confirms-Very-Significant-And-Immediate-Restructuring?id=238414.

Further to those advisements to our shareholders, the current Company's Directors now confirm as follows:

That all the resolutions as set out in those above-mentioned Press Release advisements will be definitely approved by shareholders representing 50.26% of the outstanding shares of GNCC Common Stock. Additional shareholder resolutions have been included.

Certain of these Agreements include cross border transactions, the acquisition of a large minority interest in a foreign Cannabis Company as well as certain "Hedging" and Funding arrangements with third parties.

We reasonably expect all of these transactions to be concluded without any further delays as all of the salient points of the various transactions have been agreed upon. The completion of all of the legal agreements required to give effect to all of these transactions is well underway. It is the intention of the outgoing Directors to ensure that every single Agreement is duly executed; prior to their departure. This is vital in order to give our incoming Directors a "clean slate" from the date of their appointment and our departure. Mr. R Y Lowenthal will remain as a Director until this weekend to ensure an orderly handover. 

Furthermore, we confirm that the terms of the sale of the Company's interests in White Hills Gold Exploration, Inc. representing the "White Hills" Exploration Properties and Walker Lane Exploration, Inc. representing the "Yarber Wash" and "McCracken" Exploration Properties; have been agreed upon. We are still reviewing the Company's position in respect of the sale of Mohave Consolidated Exploration, Inc. representing the "Pearl Spring" and "East Belmont" Exploration Properties; this will not delay our restructuring.

The current GNCC Directors remain adamant in their belief that all of these transactions and numerous corporate actions be released publicly and simultaneously to the market; thereby avoiding any confusion. This will provide our shareholders with an immediate and accurate assessment of what is an extremely radical and material restructuring of the Company. We, the current Directors of GNCC, view all of these transactions and corporate actions as a complete "rebranding and repositioning of GNCC" with the introduction of its new Board of Directors.

The new Board of Directors, being youthful, experts in the Cannabis Industry and coupled with their experience and expertise; their post graduate degrees and years of "hands on" practical experience; will without any doubt, very quickly reposition GNCC. They understand the need to have daily/weekly interaction with our shareholders and their absolute determination to get their message out publicly and successfully to our stockholders, investors and to our potential future foreign "Joint Venture Partners."

In our opinion, Investors now perceive GNCC as somewhat moribund and unfocused and requires this immediate radical restructuring and a new Board of engaged Executive Directors in order to reinvent itself. This will hopefully now result in the Company becoming an attractive investment proposition in order to benefit our general body of Shareholders; and to attract new longer term Investors interested in the Cannabis Sector.

We confirm that no Reverse Split of the shares of our Common Stock will be undertaken for a period of not less than three years.

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.

SOURCE GNCC Capital, Inc.