Business
GNCC Capital, Inc. - Now Confirms Very Significant And Immediate Restructuring
GNCC Capital, Inc. - Now Confirms Very Significant And Immediate Restructuring.
About this update from Gncc Capital, Inc.
[{"type":"text","content":"\n\n\n\nGNCC Capital, Inc. - Now Confirms Very Significant And Immediate Restructuring\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGNCC Capital, Inc. - Now Confirms Very Significant And Immediate Restructuring\nPR Newswire\nLAS VEGAS, Aug. 27, 2019\n\n\n\nLAS VEGAS, Aug. 27, 2019 /PRNewswire/ -- GNCC Capital, Inc. (GNCP.PK) (\"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.\nFurther to that advisement, the current Company's Directors confirm as follows:-\nThe Company will be invested only in the Cannabis Sector by commencement of business next week. Final contracts are finalized which will result in the sale of the Company's Mining Exploration Interests; to be concluded by this week, at the latest, by Friday. The majority of the issued and outstanding secured shares of Series \"A\" and \"C\" Convertible Preferred Stock, totaling $25.5 million are being cancelled. Dividends on all of the remaining various Classes of Preferred Stock are now eliminated for a period of five years. The elimination of all Long Term Liabilities totaling $6.3 million as at Q3 has been agreed upon and will not be accounted in the Year End of the Company. There will be no further issuances of shares of any classes of our Convertible Preferred Stock. There is now a reconstitution of the Board of Directors and by this weekend. Mr. N E Blom will resign as the Company's President and will be the Company's Non-Executive Chairman. A new full time President/Chief Executive Officer and an additional Executive Director will be assuming day to day operational control of the Company; by this weekend. The new Executive Directors have significant experience and expertise in the Cannabis Industry. The Company's Executive Chairman, Mr. R Y Lowenthal will be resigning from the Company's Board of Directors and will no longer be affiliated with the Company. A significant transaction that definitely has the support of the majority of ...