GNCC Capital, Inc. (OTC:GNCP) confirms that it filed its Annual
Report for the fiscal year ended September 30, 2013 and on February
23, 2014.
The Annual Report was filed in two parts and can be accessed
through these web links on the OTC Markets:
http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=116604;
and
http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=116605
MANAGEMENT COMMENTARY ON ANNUAL RESULTS:
The Company recorded a loss of $11,926,526 for the financial
ended September 30, 2013 in line with expectations. This was
primarily due to an impairment charge of $10,000,000 relating to
the Company’s acquisition of the “White Hills” Gold Exploration
Properties.
It is the Company’s conservative policy to expense all
acquisitions as an impairment charge and as such, to date, has not
recognized any of its Mining Exploration Properties as assets due
to our present accounting policies.
An additional amount of $1,085,825 was expensed as interest
charges for the financial year ended on September 30, 2013.
MANAGEMENT COMMENTARY ON POST SEPTEMBER 30, 2013 FINANCIAL YEAR
END RESULTS:
The Company post its September 30, 2013, to December 31, 2013,
being the Company’s First Quarterly Report, will reflect:
- A further reduction in Interest Bearing
Long Term Convertible Loan Notes in the amount of $2,065,000.
- The conversion of outstanding Interest
Bearing Payment In Kind Notes in the amount of $4,118,361 to that
of Stockholder Equity through the issuance of shares of Series A
Convertible Preferred Stock.
- The elimination of $206,400 of current
liabilities through a replacement of these short term stockholder
loans with Long Term Convertible Loan Notes.
- A very material increase in our Mining
Exploration expenditure due to the Company’s recently appointed two
full time Consulting Geologists, our ongoing staking of additional
land claims surrounding our existing Mining Exploration Properties,
Sampling, Mapping and Assay Lab costs as well as other related
exploration charges. Our preliminary discussions with a view to the
retention of Terravision to conduct radar scanning over all of our
Mining Exploration Properties could materially increase our
expenses in the Second Quarter ended March 31, 2014.
It is our accounting policy to expense all additional land
claims staked and all other exploration work; and not to reflect
them as assets on our Balance Sheet, at this time.
FILING OF THE FIRST QUARTERLY REPORT FOR THE THREE MONTHS ENDED
DECEMBER 31, 2013:
The Company intended to file its First Quarterly Report for the
three months ended December 31, 2013 on or before today.
Management and their Advisors have now elected to file this
Report in the coming days of this week as they intend to redraft
material aspects of this Report due to a large number of very
material post balance sheet events that are clearly detailed in the
Annual Report and on page numbers 125 and 126 of that Report.
It was simply not possible to complete this Filing this weekend
if we are to ensure complete accuracy and provide full
disclosure.
One of Management’s priorities is to complete the directions in
respect of fair and reasonable accounting treatment of certain of
our assets as per the guidance furnished to ourselves by external
Counsel; and only insofar as our compliance with the State of
Delaware rules and regulations governing our Stock Repurchase
Program as announced by ourselves in January, 2014. This is in
response to various queries from our stockholders and we simply
wish to simplify our accounting treatment, our rationale and to
ensure stockholders of our compliance with these State Laws.
CURRENT OTC STATUS AND ATTORNEY’S LETTER:
The Company had to file its Annual Report and the accompanying
Attorney’s Letter as well as the First Quarterly Report to regain
its status as a Current Filer on the OTC Markets. The Attorney’s
Letter in respect of the Annual Report and the filing in respect of
the First Quarter ended December 31, 2013, will be filed this week
and thereby, restoring the Company to that of a Current Information
Filer on the OTC Markets.
The Company’s Management will expedite both the filing of the
Attorney’s Letter in respect of the Annual Report just filed as
well as the filing of the First Quarterly Report; as it is
considered critical to provide stockholders with up to date
information and for the Company to be restored to that of a
“Current Filer” on the OTC Markets.
FINAL CONVERSION PRICING IN RESPECT OF STOCK ISSUANCE ON
DECEMBER 13, 2013:
The Company filed on February 22, 2013, the final conversion
price per share of Common Stock in respect a December 13, 2013
issuance pursuant to certain partial conversions of Convertible
Loan Notes issued by the Company on May 3, 2010. A Link to this
Filing:
http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=116599
PUBLICATION OF COMPREHENSIVE AND INITIAL REPORTS ON THE
COMPANY’S VARIOUS MINING EXPLORATION GROUPS:
The Company’s Geologist, Craig Parkinson has completed reports
on the Company’s “Clara, Burnt Well and Kit Carson” Exploration
Properties. These Reports will be filed as Presentations on the OTC
Markets OTCIQ Reporting, and commencing this week.
Craig Parkinson having also assumed responsibility for the
Company’s “White Hills” Exploration Property, will commence on site
work at that property from next week. Upon his completion of his
work, these Reports will be filed.
Previous Assay Reports were filed by the Company in respect of
“White Hills” as compiled by a former Geologist, previously
responsible for these Properties; and can be accessed through this
web link:
http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=114914
The Company’s other Geologist, Raymond Harris remains on site at
the Company’s “Ester Basin, Silverfields and Potts Mountain”
Exploration Properties. Upon his return and his completion of the
work, these reports will be compiled and published.
Raymond Harris will then be assessing and reporting on two
additional optioned properties on the same geological and
geographical trend as the Company’s “Ester Basin, Silverfields and
Potts Mountain” Exploration Properties.
NO REVERSE SPLIT CONTEMPLATED ON THE COMPANY’S OUTSTANDING
SHARES OF COMMNON STOCK:
The Company’s Management once again, reiterates that under no
circumstances will it either contemplate nor will it authorize any
Reverse Split of the Company’s issued and outstanding shares of
Common Stock.
Management is of the opinion, that these Reverse Splits of
Common Stock are highly detrimental to all stockholders in an
Exploration Stage/Microcap company currently trading at a very low
price per share in the market.
About GNCC Capital, Inc.:
GNCC Capital, Inc. is primarily a Gold Exploration Company, with
a secondary focus on Silver Exploration. The initial exploration
properties are located in Arizona and consist of “White Hills,
Esther Basin, Burnt Well, Clara, Kit Carson, Silverfields and Potts
Mountain". The Company intends to create significant value for its
initial portfolio of properties through continued exploration,
joint ventures, and through the acquisition of additional Gold and
Silver Exploration assets. GNCC Capital, Inc. is a current
information filer on the OTC Markets under the symbol “GNCP”.
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.
GNCC CAPITAL, INC.N.E. “Ted” Blom – President &
CEOTelephone: 702-951-9793E Mail:
corporate@gncc-capital.comprInvestor Relations:E Mail:
investor@gncc-capital.comWeb Site: www.gncc-capital.comTwitter:
https://twitter.com/GNCCCapital
[We would be very appreciative if all investor questions be
directed to this E mail address and not to our telephone voicemail
until such time as we have appointed a dedicated Investors
Relations Firm whom will deal with all telephonic
enquiries]
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