GNCC Capital, Inc. – 2013 Annual Report (2024)

GNCC Capital, Inc. (OTC:GNCP) confirms that it filed its AnnualReport for the fiscal year ended September 30, 2013 and on February23, 2014.

The Annual Report was filed in two parts and can be accessedthrough 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 financialended September 30, 2013 in line with expectations. This wasprimarily due to an impairment charge of $10,000,000 relating tothe Company’s acquisition of the “White Hills” Gold ExplorationProperties.

It is the Company’s conservative policy to expense allacquisitions as an impairment charge and as such, to date, has notrecognized any of its Mining Exploration Properties as assets dueto our present accounting policies.

An additional amount of $1,085,825 was expensed as interestcharges for the financial year ended on September 30, 2013.

MANAGEMENT COMMENTARY ON POST SEPTEMBER 30, 2013 FINANCIAL YEAREND 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 BearingLong Term Convertible Loan Notes in the amount of $2,065,000.
  • The conversion of outstanding InterestBearing Payment In Kind Notes in the amount of $4,118,361 to thatof Stockholder Equity through the issuance of shares of Series AConvertible Preferred Stock.
  • The elimination of $206,400 of currentliabilities through a replacement of these short term stockholderloans with Long Term Convertible Loan Notes.
  • A very material increase in our MiningExploration expenditure due to the Company’s recently appointed twofull time Consulting Geologists, our ongoing staking of additionalland claims surrounding our existing Mining Exploration Properties,Sampling, Mapping and Assay Lab costs as well as other relatedexploration charges. Our preliminary discussions with a view to theretention of Terravision to conduct radar scanning over all of ourMining Exploration Properties could materially increase ourexpenses in the Second Quarter ended March 31, 2014.

It is our accounting policy to expense all additional landclaims staked and all other exploration work; and not to reflectthem as assets on our Balance Sheet, at this time.

FILING OF THE FIRST QUARTERLY REPORT FOR THE THREE MONTHS ENDEDDECEMBER 31, 2013:

The Company intended to file its First Quarterly Report for thethree months ended December 31, 2013 on or before today.

Management and their Advisors have now elected to file thisReport in the coming days of this week as they intend to redraftmaterial aspects of this Report due to a large number of verymaterial post balance sheet events that are clearly detailed in theAnnual Report and on page numbers 125 and 126 of that Report.

It was simply not possible to complete this Filing this weekendif we are to ensure complete accuracy and provide fulldisclosure.

One of Management’s priorities is to complete the directions inrespect of fair and reasonable accounting treatment of certain ofour assets as per the guidance furnished to ourselves by externalCounsel; and only insofar as our compliance with the State ofDelaware rules and regulations governing our Stock RepurchaseProgram as announced by ourselves in January, 2014. This is inresponse to various queries from our stockholders and we simplywish to simplify our accounting treatment, our rationale and toensure 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 accompanyingAttorney’s Letter as well as the First Quarterly Report to regainits status as a Current Filer on the OTC Markets. The Attorney’sLetter in respect of the Annual Report and the filing in respect ofthe First Quarter ended December 31, 2013, will be filed this weekand thereby, restoring the Company to that of a Current InformationFiler on the OTC Markets.

The Company’s Management will expedite both the filing of theAttorney’s Letter in respect of the Annual Report just filed aswell as the filing of the First Quarterly Report; as it isconsidered critical to provide stockholders with up to dateinformation 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 ONDECEMBER 13, 2013:

The Company filed on February 22, 2013, the final conversionprice per share of Common Stock in respect a December 13, 2013issuance pursuant to certain partial conversions of ConvertibleLoan Notes issued by the Company on May 3, 2010. A Link to thisFiling:http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=116599

PUBLICATION OF COMPREHENSIVE AND INITIAL REPORTS ON THECOMPANY’S VARIOUS MINING EXPLORATION GROUPS:

The Company’s Geologist, Craig Parkinson has completed reportson the Company’s “Clara, Burnt Well and Kit Carson” ExplorationProperties. These Reports will be filed as Presentations on the OTCMarkets OTCIQ Reporting, and commencing this week.

Craig Parkinson having also assumed responsibility for theCompany’s “White Hills” Exploration Property, will commence on sitework at that property from next week. Upon his completion of hiswork, these Reports will be filed.

Previous Assay Reports were filed by the Company in respect of“White Hills” as compiled by a former Geologist, previouslyresponsible for these Properties; and can be accessed through thisweb link:http://www.otcmarkets.com/financialReportViewer?symbol=GNCP&id=114914

The Company’s other Geologist, Raymond Harris remains on site atthe Company’s “Ester Basin, Silverfields and Potts Mountain”Exploration Properties. Upon his return and his completion of thework, these reports will be compiled and published.

Raymond Harris will then be assessing and reporting on twoadditional optioned properties on the same geological andgeographical trend as the Company’s “Ester Basin, Silverfields andPotts Mountain” Exploration Properties.

NO REVERSE SPLIT CONTEMPLATED ON THE COMPANY’S OUTSTANDINGSHARES OF COMMNON STOCK:

The Company’s Management once again, reiterates that under nocirc*mstances will it either contemplate nor will it authorize anyReverse Split of the Company’s issued and outstanding shares ofCommon Stock.

Management is of the opinion, that these Reverse Splits ofCommon Stock are highly detrimental to all stockholders in anExploration Stage/Microcap company currently trading at a very lowprice per share in the market.

About GNCC Capital, Inc.:

GNCC Capital, Inc. is primarily a Gold Exploration Company, witha secondary focus on Silver Exploration. The initial explorationproperties are located in Arizona and consist of “White Hills,Esther Basin, Burnt Well, Clara, Kit Carson, Silverfields and PottsMountain". The Company intends to create significant value for itsinitial portfolio of properties through continued exploration,joint ventures, and through the acquisition of additional Gold andSilver Exploration assets. GNCC Capital, Inc. is a currentinformation filer on the OTC Markets under the symbol “GNCP”.

Forward-Looking Statements:-

This press release may contain forward-looking statements. Thewords "believe," "expect," "should," "intend," "estimate,""projects," variations of such words and similar expressionsidentify forward-looking statements, but their absence does notmean that a statement is not a forward-looking statement. Theseforward-looking statements are based upon the Company's currentexpectations and are subject to a number of risks, uncertaintiesand assumptions. The Company undertakes no obligation to update anyforward-looking statements, whether as a result of new information,future events or otherwise. Among the important factors that couldcause actual results to differ significantly from those expressedor implied by such forward-looking statements are risks that aredetailed in the Company's filings, which are on file with the OTCMarkets Group.

GNCC Capital, Inc. – 2013 Annual Report (1)

GNCC CAPITAL, INC.
N.E. “Ted” Blom – President & CEO
Telephone: 702-951-9793
E Mail: corporate@gncc-capital.com
pr
Investor Relations:
E Mail: investor@gncc-capital.com
Web Site: www.gncc-capital.com
Twitter: https://twitter.com/GNCCCapital

[We would be very appreciative if all investor questions bedirected to this E mail address and not to our telephone voicemailuntil such time as we have appointed a dedicated InvestorsRelations Firm whom will deal with all telephonicenquiries]

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GNCC Capital, Inc. – 2013 Annual Report (2024)

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