GNCC Capital, Inc. Clarifies on Its Proposed Acquisitions and Progress
NEW YORK--(BUSINESS WIRE)--GNCC Capital, Inc. (OTC:GNCP) (“The Company”) clarifies certain points in its press release dated June 30, 2014 and updates on progress, following a large number of enquiries from our stockholders:
“McCracken, Alamo, North Rawhide, White Hills, Esther Basin, Burnt Well, Clara, Kit Carson, Silverfields and Potts Mountain”
As the Company has now completed its reorganization, it is intended that the Company now evolve into a Diversified Holding Company with an emphasis on strong cash generation and on earnings per share.
The Company is in the final stages of acquiring two initial companies, one owning and operating land based gaming properties in Florida and the other is in the business of trading index related futures. We are not prepared to elaborate further until these acquisitions are completed and announced.
Completion of these acquisitions has taken longer than anticipated and primarily due to licensing requirements in respect of the Florida gaming operations and the fact that the futures trading operation is based overseas. It is envisaged that the gaming acquisitions will be completed very shortly and that the acquisition of the futures trading business will be within the next two weeks.
Both of these companies that we are seeking to acquire have strong Management and are well established. Management of these Companies, post our acquisition, will continue to manage and to grow these businesses.
These acquisitions will be funded through the issuance of various classes of shares of Preferred Stock and not through the issuance of shares of Common Stock nor through the issuance of Convertible Loan Notes.
The Company is reviewing the best options to extract value from its portfolio of Mining Exploration Properties. Management believes that the extensive financing required to fund Mining Exploration must be obtained on terms that are not prejudicial to stockholder interests. Should we be successful in completing upon these acquisitions, the Company will enjoy strong earnings and cash flow, this facilitates more attractive financing terms.
Upon completion of these acquisitions we will provide forward looking guidance as to our projected earnings and as to our strategy to grow our earnings through additional acquisitions to bolt onto these businesses being acquired.
The Company is finalizing its Second Quarterly Report for the period ended March 31, 2014. This clearly reflects the post reporting period transactions and their effect upon the company’s financial statements. Upon filing, the Company will be restored to that of a Current Information Filer on the OTC Markets.
About GNCC Capital, Inc.:
GNCC Capital, Inc. is a Holding Company which at present has subsidiary companies engaged in Mining Exploration, primarily in Gold, with a secondary focus on Silver. The exploration properties are located in Arizona and consist of “McCracken, Alamo, North Rawhide, White Hills, Esther Basin, Burnt Well, Clara, Kit Carson, Silverfields and Potts Mountain". The Company intends to diversify into other Industry Sectors through acquisition.
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.