LAS VEGAS, Oct. 16, 2019 /PRNewswire/ -- GNCC Capital, Inc. (OTC: GNCP) ("The Company" or "GNCC") confirms that the related party transaction referred to October 10, 2019 has been ratified.
Your recently appointed GNCC Directors confirm that at this time, GNCC will focus its activities in South Africa through its 40% shareholding in Jengu Pharma (Pty) Limited ("Jengu"). Jengu through its ownership of a South African Company which is presently growing Cannabis and primarily for export. Harvesting of this crop commences from mid-November to early December. It is recorded that the balance of the shares in Jengu are held directly by both Ms. Allen and Mr. Cox.
Your Company's President, Ms. Nell-Mari "Nella" Allen holds a License in the Republic of South Africa for the cultivation of Cannabis and the manufacturing of pharmaceutical Cannabis related products for medical and research purposes. This License also permits the export of Cannabis from South Africa.
As previously stated, both of your Executive Directors have recognized the need to; and have committed to expend time in shareholder engagement. This ensures that all shareholders and investors become familiar with the Company's new business operations, opportunities, Licensing and the Cannabis Industry in South Africa; and more importantly, with their new Board of Directors.
We have had an extended period of time to familiarize ourselves with shareholder concerns and we recognize that we cannot "rewrite the Company's history". What we will do, is to bring our experience and our skills to drive our Company onwards and upwards. Our primary and overriding interest is that our shareholders share and embrace our passion and unwavering commitment to the unique opportunities and explosive growth afforded to ourselves in the recently legalized Cannabis Industry in South Africa. This we will discuss with our shareholders in far greater detail over the coming days and weeks.
We both ask that our Shareholders E Mail to us, all of their questions in order for ourselves as your new Directors to be in a position to publish a public document answering each and every pertinent question. Shareholders are asked to submit all of their initial questions on or before late this weekend; thereby allowing ourselves to prepare this very detailed Q & A for our shareholders as fast and accurately as is humanly possible.
We are very confident that many more well established and sizable International Cannabis Companies will continue to be very engaged with ourselves in all of the other technical and logistical aspects of our operations. These being our extremely competitive net FOB cost per ounce, the various strains presently under growth and the Joint Venture Agreements that we can offer in South Africa for "Value Added Cannabis Products". Furthermore, we will continue to seek out and proactively engage only in very sizable inquiries for specific International Export Offtake Agreements; these being primarily for export to the European markets.
Our very low cost of production coupled with an extremely favorable Foreign Exchange Rate; enables us to effectively supply and to immediately enter into significant foreign offtake export agreements. The famed South African agricultural sector, world class facilities, transportation, shipping ports, air freight and a near perfect climate gives us a significant advantage over other established Cannabis growing markets. On the domestic front, South Africa is the "gateway" to the African Continent with unlimited potential for growth in the overall upstream and downstream Cannabis Market; and what is potentially one of the fastest growing Industry Sectors on the African Continent.
The former Executive Directors of GNCC have undertaken to ourselves that they will complete and file on the OTC Markets, all historical and promised documentation. We are advised that this task will be completed within days; we stress that we are not engaged whatsoever in the process pertaining to the drafting and submission of these historical filings.
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.