LAS VEGAS, Aug. 7, 2019 /PRNewswire/ -- GNCC Capital, Inc. (GNCP.PK) ("The Company" or "GNCC") confirms that it is in negotiations with a South African based cultivator of Medicinal Cannabis; solely for export purposes. This transaction, if consummated, affords GNCC opportunities to expand upon its interests in the Cannabis Industry; and very significantly.
We are only divulging this information today due to innumerable requests from our shareholders for updates and that our last update was on July 8, 2019.
The GNCC Directors wish to stress that our not divulging any additional information today is that we deem it not to be in the best interests of our shareholders. Specifically, given our need to consummate this transaction(s) without any third party(s) interference. We are at this time, prepared to confirm as follows:
All of the requisite licenses*, scientific and operational expertise; and their existing approved and operational cultivation facilities are in regulatory compliance.
*Currently operating under a License issued by the South African Department of Health Medicines Control Council.
The Directors confirm that GNCC, will in all likelihood, be partnering with a third party financier given the potential immediate cash requirements pertaining to this transaction.
We can categorically confirm that under no circumstances will GNCC be issuing any shares of its Common Stock nor any of its shares of Preferred Stock whatsoever in order to fund any transactions of whatsoever nature pertaining to this transaction.
These negotiations are being conducted by Mr. Ted Blom, GNCC's President. In the interests of full transparency, we acknowledge that the other parties to these negotiations are long standing clients of Mr. Blom. In our opinion, this in no way constitutes a conflict of interest for Mr. Blom and nor is it not a related party transaction; given that Mr. Blom is not a Director of; nor is he a direct nor an indirect shareholder of these companies which whom we are negotiating.
GNCC's primary Directors are based in and operate from Johannesburg, South Africa. This affords them the opportunity to effectively deal with a significant transaction in their home Country; this, in our opinion, is of tremendous benefit to the interests of the GNCC Shareholders.
A very detailed update in respect of this opportunity will be provided early next week; this is required due to the complexities of South African Laws relating to Cannabis, recent Constitutional Court Rulings and recent amendments to the various existing legislation from the Minister of Health.
We can confirm that this is an extraordinary opportunity for GNCC given that the South African legislation was amended in order to permit new licenses for Cannabis Cultivation for Medicinal Usage and for export only. This is regulated by South African Health Products Regulatory Authority ("SAHPRA"), formerly regulated by the Department of Health Medicines Control Council which now operates under the auspices of SAHPRA.
The GNCC Directors will also be updating on the progress of other transactions in a separate Press Release next week. Shareholders may rest assured that we are in no way prejudicing the outcome of other transactions under review (and potential closure) by our current sole focus on this particular transaction.
The GNCC Directors have been focusing their attention on this transaction given the potential size, scope and opportunities afforded to GNCC should a successful outcome be achieved.
ABOUT GNCC CAPITAL, INC.-
GNCC Capital, Inc. recently acquired BioCann Pharma S.A.S., a Cannabis CBD Pharmaceutical Grade Oils Producer and Distributor, incorporated in and operating in the Republic of Colombia and with offices in Ontario, Canada. The Company continues to hold its interests in a number of Gold & Silver Mining Exploration Properties. It is possible (and under negotiation) that the Company will shortly be entering into an agreement to dispose of interests in the Mining Exploration Sector, which if successful, will result in an Extraordinary Dividend to our Shareholders.
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.
SOURCE GNCC Capital, Inc.