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GNCC Capital, Inc. - Confirmation Of Substantial Cancellation Of Issued Common Stock
PR NewswireOctober 17, 2019, 6:00 AM EDT
LAS VEGAS, Oct. 17, 2019 /PRNewswire/ -- GNCC Capital, Inc. (GNCP) ("The Company" or "GNCC"
confirms that the 17 billion shares of restricted Common Stock recently issued was solely for Preferred Shareholders to vote in excess of 51% of the Company's outstanding Common Stock.
With all of their requested actions now having been enacted upon; these shareholders are more than happy to cancel their shares of Common Stock. They have indicated that the current share structure is too large and is therefore prejudicial to their own interests.
These shares will be cancelled in the next few business days, thereby effectively reducing the amount of outstanding Common Stock by some 50%.
We note that shareholders are asking about the possibility of a Share Repurchase. We would require loan funding to facilitate this and are happy to discuss this option with Jengu's Financiers. Shareholders should be aware that Jengu is financed independently of GNCC and has its own financing facilities in place.
That being said, in order to repurchase any reasonable quantity of GNCC shares at $0.0001 is impossible and that the dollar quantum available at $0.0002 is negligible. Shareholders indicating that we could repurchase stock at those prices are not being realistic. Therefore any such Share Repurchases would have to be at higher prices, costing GNCC significantly more than many shareholders believe.
As previously indicated, we may close one or more transactions that GNCC's former Executive Directors were working on; those with cash funding for GNCC; which is available.
Further to our Press Release dated October 16, 2019, we are awaiting as much input from our shareholders as possible. We reiterate our promise, namely, "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."
A link to our Press Release dated October 16, 2019: https://www.otcmarkets.com/stock/GNCP/news/GN...?id=243363
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
GNCC Capital, Inc. - Confirmation Of Substantial Cancellation Of Issued Common Stock
PR NewswireOctober 17, 2019, 6:00 AM EDT
LAS VEGAS, Oct. 17, 2019 /PRNewswire/ -- GNCC Capital, Inc. (GNCP) ("The Company" or "GNCC"
confirms that the 17 billion shares of restricted Common Stock recently issued was solely for Preferred Shareholders to vote in excess of 51% of the Company's outstanding Common Stock. With all of their requested actions now having been enacted upon; these shareholders are more than happy to cancel their shares of Common Stock. They have indicated that the current share structure is too large and is therefore prejudicial to their own interests.
These shares will be cancelled in the next few business days, thereby effectively reducing the amount of outstanding Common Stock by some 50%.
We note that shareholders are asking about the possibility of a Share Repurchase. We would require loan funding to facilitate this and are happy to discuss this option with Jengu's Financiers. Shareholders should be aware that Jengu is financed independently of GNCC and has its own financing facilities in place.
That being said, in order to repurchase any reasonable quantity of GNCC shares at $0.0001 is impossible and that the dollar quantum available at $0.0002 is negligible. Shareholders indicating that we could repurchase stock at those prices are not being realistic. Therefore any such Share Repurchases would have to be at higher prices, costing GNCC significantly more than many shareholders believe.
As previously indicated, we may close one or more transactions that GNCC's former Executive Directors were working on; those with cash funding for GNCC; which is available.
Further to our Press Release dated October 16, 2019, we are awaiting as much input from our shareholders as possible. We reiterate our promise, namely, "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."
A link to our Press Release dated October 16, 2019: https://www.otcmarkets.com/stock/GNCP/news/GN...?id=243363
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
