GNCC Capital, Inc. Appoints Chief Executive Officer and Completes Initial Acquisitions in Gaming Sector
NEW YORK--(BUSINESS WIRE)--GNCC Capital, Inc. (OTC: GNCP) (“The Company”) completed its reorganization as the Company now evolves into a Diversified Holding Company with an emphasis on strong cash generation and upon earnings per share.
“Match Play, Hot Seats, Wheel Spins, Deal or No Deal, Pick-a-Chip, Early Bird Specials and free BINGO”
- Peter Voss appointed as Company Chief Executive Officer
- Company now a producer of revenues, cash flow and profits
- Company acquires Gold Coast Gaming Corp and its subsidiary companies
- Gold Coast to grow profits and revenues through acquisitions
- Company to acquire Business in Index Related Futures Trading
- Ted Blom to solely focus on Company’s Mining Exploration Properties
APPOINTMENT OF PETER VOSS AS GROUP CHIEF EXECUTIVE OFFICER:-
The Company has appointed Mr. Peter Voss as its Group Chief Executive Officer with immediate effect. Peter has qualifications in Accounting, Law and in Marketing.
Peter has had vast experience in the General Management of Australian and International businesses involved in Manufacturing, Technologies, Sales & Distribution, Marketing, Trading, Vineyards & Wineries and the Hospitality Industry engaged in Entertainment, Gaming and Food & Beverages.
Peter is familiar with Stock Exchange requirements, Banking, Capital Raising and has served on a number of Australian and International Corporation Boards and has at times consulted to various Australian and International Government Departments.
Peter has held senior executive positions in the roles of General Management and Corporate Development with major corporations in Australia such as Lucas Industries, Australian United Foods and Coca Cola Amatil “CCA” (formerly Amatil British Tobacco).
Peter has also been a member of various industry committees and consulted to major organizations /institutions in regard to International Commerce and Trade. Over the past twenty five years, Peter has developed and established his private business interests throughout Asia (primarily China, Japan, Korea, Indonesia and Singapore), Europe and North America. These business interests have included Real Estate, Entertainment, Gaming, Environmental & Humanitarian Technologies, and Energy & Resources.
During the last three years Peter has exited most of his private business interests to enable him the freedom to travel and consult to International Companies (established or emerging) requiring his services in Corporate Development.
Peter consulted to and was heavily involved in the restructuring of various operations within the Pachinko Entertainment & Gaming Industry in Japan by introducing systems, procedures and technologies for better controls and compliance.
He has also owned and operated venues engaged in hospitality industry involved in entertainment & gaming and the distribution of food & beverage.
Peter Voss has entered into an initial two year Service Agreement with the Company. Peter will also be instrumental in bringing various gaming acquisition opportunities to the Company and primarily based in Australia. Full details of this appointment and remuneration package will filed today on the OTC Disclosure Service. Peter’s full resume will be also published on this service.
ROLES OF EXISTING DIRECTORS AND ITS ADVISORY COMMITTEE:-
Mr. Ron Lowenthal, the Company’s Executive Chairman will be assuming additional responsibilities in the Company given his decades of experience in Investment Banking, Stockbroking, Fund Management, Mergers & Acquisitions and Public Offerings.
Mr. Ted Blom given his experience and impeccable track record in the Mining Sector will now be responsible only for the development of; and more crucially, the extraction of value from the Company’s Mining Exploration portfolio. Both Ron Lowenthal and Ted Blom have entered into new three year Service Agreements with the Company. Full details of these remuneration packages are being filed today on the OTC Disclosure Service.
Day to day operational decisions, oversight of Management, Gaming Operations and stockholder communications will be dealt with by Peter Voss and with immediate effect.
The Company expects to increase the size of its Advisory Committee in the coming months with appointments of individuals specializing in various Industry Sectors in which the Company will be operating.
ACQUISITION OF GOLD COAST GAMING GROUP:-
The Company has acquired Gold Coast Gaming Corp (“Gold Coast”), effective August 11, 2014, which at present owns two subsidiary companies which own and operate two land based Adult Social Gaming Arcades in South Florida. At present, with its initial two operational sites, Gold Coast is expected to generate annual net revenues of $1.6 million and Annual Gross Gaming of $4,500,000. Gold Coast will contribute to the Company’s revenues with immediate effect and will be accounted for in the Company’s Annual Results to September 30, 2014.
The Company acquired Gold Coast and its two subsidiary companies for an amount of $2,570,000, settled through the issuance of 2,570,000 shares of Series D Convertible Preferred Stock at a price of $1.00 each. Full details of this acquisition will filed today on the OTC Disclosure Service. The Company will not be taking any impairment charges on this acquisition as it is comprised of various fixed and tangible assets and goodwill. No liabilities are being assumed in this acquisition.
IMMEDIATE PROSPECTS FOR GOLD COAST GAMING GROUP:-
The Company’s rationale for the acquisition of Gold Coast and its strategy for Gold Coast is the expansion through the immediate term acquisitions of an additional four similar and well established gaming operations in South Florida and for cash. The Company has secured the requisite funding for these additional four immediate term acquisitions and will be issuing shares of the Company’s Series D Convertible Preferred Stock at a price of $1.00 each; in settlement of this funding.
Management expects that Gold Coast will own and operate no less than six such operations by October 31, 2014. This is expected to result in annual net revenues of $5 million and Gross Gaming of $15 million. These additional acquisitions planned by Gold Coast are expected to yield various synergistic cost savings not yet factored into these projections.
Substantially more acquisitions by Gold Coast, post October 31, 2014 are planned and it is noted that the number of these acquisitions will be limited only by the Company’s ability to raise funds outside of its own retained cash earnings, as will be required to facilitate such further acquisitions.
Gold Coast has very strong Management and the operations are well established, existing Management will continue to manage the day to day operations and will oversee and execute the planned and targeted acquisition program. Peter Voss has also joined the Board of Gold Coast. Gold Coast will employ its own Finance Director and Operations Director upon the completion of the additional four acquisitions.
THE BUSINESS OF GOLD COAST:-
Gold Coast owns and operates Amusement Adult Arcade Game Rooms located in South Florida. Gold Coast offers customers an alternative to the oversized, overpriced, Las Vegas Style Slot Machines found at a Casino. At Gold Coast, customers spend time with their friends in a safe comfortable environment while choosing to play between almost 200 of their favorite video games. Lunch, dinner, drinks, and snacks are always complimentary. There are plenty of Promotions such as: "Match Play, Hot Seats, Wheel Spins, Deal or No Deal, Pick-a-Chip, Early Bird Specials and free BINGO". All of these promotions give our customer more chances to win.
Game rooms are classified as “Arcade Amusement Center” which means a place of business having at least 50 coin operated amusement games or machines on premises which are operated for the entertainment of the general public and tourists as a bona fide amusement facility. Amusement games or machines means games which must be able to operate by the insertion of a coin, and which by application of skill may entitle the person playing or operating the game or machine to receive points or coupons, the cost value of which does not exceed $0.75 on any game played, which may be exchanged for merchandise. The game room industry in South Florida, operates under the Florida statue 849.161. In 2013 there were over two hundred arcades throughout the State of Florida.
UPCOMING ACQUISITION OF INDEX RELATED FUTURES TRADING BUSINESS:
As previously announced, the Company confirms that it is acquiring a Company in the business of trading index related futures and is now confident that it will complete this acquisition this month. At this time we are not prepared to elaborate on this acquisition’s projected contribution to the Company’s annual EBITDA.
IMMEDIATE OBJECTIVES OF THE INCOMING CHIEF EXECUTIVE OFFICER:-
Peter Voss will be initially focusing his attention on the Company’s gaming expansion, improving stockholder communications and the reintroduction of the Company to the investment community with the Company now producing revenues, cash flow and profits. Peter, in conjunction with Gold Coast’s Management, will be publishing a brief “Management Discussion Analysis” on the Company’s gaming operations as well as their EBITDA projections; this to be filed this week.
Peter Voss has undertaken to ensure that all outstanding Financial Reports are filed without further delay, that corporate web sites are updated and that Social Media be deployed to ensure better stockholder communication. Peter is committed to the continuance of the Company’s long history of complete transparency to its stockholders.
In short, Peter’s extensive experience in publicly quoted corporations will serve our stockholders well and not only in their requests for deadlines to be met but also through consistent and constant information flow about Company operations.
About GNCC Capital, Inc.:
GNCC Capital, Inc. is a Holding Company which at present has a number of subsidiary companies which are engaged in Adult Social Gaming Arcades in South Florida and in Mining Exploration.
The Company’s Gold & Silver Mining 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 continue to diversify into other Industry Sectors through acquisitions.
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.