NEW YORK--(BUSINESS WIRE)--
GNCC Capital, Inc. (OTC: GNCP) (“The Company”) completed its
reorganization as the Company now evolves into a Diversified Holding
Company with an emphasis on strong cash generation and upon earnings per
Peter Voss appointed as Company Chief Executive Officer
Company now a producer of revenues, cash flow and profits
Company acquires Gold Coast Gaming Corp and its subsidiary companies
Gold Coast to grow profits and revenues through acquisitions
Company to acquire Business in Index Related Futures Trading
Ted Blom to solely focus on Company’s Mining Exploration Properties
APPOINTMENT OF PETER VOSS AS GROUP CHIEF EXECUTIVE OFFICER:-
The Company has appointed Mr. Peter Voss as its Group Chief Executive
Officer with immediate effect. Peter has qualifications in Accounting,
Law and in Marketing.
Peter has had vast experience in the General Management of Australian
and International businesses involved in Manufacturing, Technologies,
Sales & Distribution, Marketing, Trading, Vineyards & Wineries and the
Hospitality Industry engaged in Entertainment, Gaming and Food &
Peter is familiar with Stock Exchange requirements, Banking, Capital
Raising and has served on a number of Australian and International
Corporation Boards and has at times consulted to various Australian and
International Government Departments.
Peter has held senior executive positions in the roles of General
Management and Corporate Development with major corporations in
Australia such as Lucas Industries, Australian United Foods and Coca
Cola Amatil “CCA” (formerly Amatil British Tobacco).
Peter has also been a member of various industry committees and
consulted to major organizations /institutions in regard to
International Commerce and Trade. Over the past twenty five years, Peter
has developed and established his private business interests throughout
Asia (primarily China, Japan, Korea, Indonesia and Singapore), Europe
and North America. These business interests have included Real Estate,
Entertainment, Gaming, Environmental & Humanitarian Technologies, and
Energy & Resources.
During the last three years Peter has exited most of his private
business interests to enable him the freedom to travel and consult to
International Companies (established or emerging) requiring his services
in Corporate Development.
Peter consulted to and was heavily involved in the restructuring of
various operations within the Pachinko Entertainment & Gaming Industry
in Japan by introducing systems, procedures and technologies for better
controls and compliance.
He has also owned and operated venues engaged in hospitality industry
involved in entertainment & gaming and the distribution of food &
Peter Voss has entered into an initial two year Service Agreement with
the Company. Peter will also be instrumental in bringing various gaming
acquisition opportunities to the Company and primarily based in
Australia. Full details of this appointment and remuneration package
will filed today on the OTC Disclosure Service. Peter’s full resume will
be also published on this service.
ROLES OF EXISTING DIRECTORS AND ITS ADVISORY COMMITTEE:-
Mr. Ron Lowenthal, the Company’s Executive Chairman will be assuming
additional responsibilities in the Company given his decades of
experience in Investment Banking, Stockbroking, Fund Management, Mergers
& Acquisitions and Public Offerings.
Mr. Ted Blom given his experience and impeccable track record in the
Mining Sector will now be responsible only for the development of; and
more crucially, the extraction of value from the Company’s Mining
Exploration portfolio. Both Ron Lowenthal and Ted Blom have entered into
new three year Service Agreements with the Company. Full details of
these remuneration packages are being filed today on the OTC Disclosure
Day to day operational decisions, oversight of Management, Gaming
Operations and stockholder communications will be dealt with by Peter
Voss and with immediate effect.
The Company expects to increase the size of its Advisory Committee in
the coming months with appointments of individuals specializing in
various Industry Sectors in which the Company will be operating.
ACQUISITION OF GOLD COAST GAMING GROUP:-
The Company has acquired Gold Coast Gaming Corp (“Gold Coast”),
effective August 11, 2014, which at present owns two subsidiary
companies which own and operate two land based Adult Social Gaming
Arcades in South Florida. At present, with its initial two operational
sites, Gold Coast is expected to generate annual net revenues of $1.6
million and Annual Gross Gaming of $4,500,000. Gold Coast will
contribute to the Company’s revenues with immediate effect and will be
accounted for in the Company’s Annual Results to September 30, 2014.
The Company acquired Gold Coast and its two subsidiary companies for an
amount of $2,570,000, settled through the issuance of 2,570,000 shares
of Series D Convertible Preferred Stock at a price of $1.00 each. Full
details of this acquisition will filed today on the OTC Disclosure
Service. The Company will not be taking any impairment charges on this
acquisition as it is comprised of various fixed and tangible assets and
goodwill. No liabilities are being assumed in this acquisition.
IMMEDIATE PROSPECTS FOR GOLD COAST GAMING GROUP:-
The Company’s rationale for the acquisition of Gold Coast and its
strategy for Gold Coast is the expansion through the immediate term
acquisitions of an additional four similar and well established gaming
operations in South Florida and for cash. The Company has secured the
requisite funding for these additional four immediate term acquisitions
and will be issuing shares of the Company’s Series D Convertible
Preferred Stock at a price of $1.00 each; in settlement of this funding.
Management expects that Gold Coast will own and operate no less than six
such operations by October 31, 2014. This is expected to result in
annual net revenues of $5 million and Gross Gaming of $15 million. These
additional acquisitions planned by Gold Coast are expected to yield
various synergistic cost savings not yet factored into these projections.
Substantially more acquisitions by Gold Coast, post October 31, 2014 are
planned and it is noted that the number of these acquisitions will be
limited only by the Company’s ability to raise funds outside of its own
retained cash earnings, as will be required to facilitate such further
Gold Coast has very strong Management and the operations are well
established, existing Management will continue to manage the day to day
operations and will oversee and execute the planned and targeted
acquisition program. Peter Voss has also joined the Board of Gold Coast.
Gold Coast will employ its own Finance Director and Operations Director
upon the completion of the additional four acquisitions.
THE BUSINESS OF GOLD COAST:-
Gold Coast owns and operates Amusement Adult Arcade Game Rooms located
in South Florida. Gold Coast offers customers an alternative to the
oversized, overpriced, Las Vegas Style Slot Machines found at a Casino.
At Gold Coast, customers spend time with their friends in a safe
comfortable environment while choosing to play between almost 200 of
their favorite video games. Lunch, dinner, drinks, and snacks are always
complimentary. There are plenty of Promotions such as: "Match Play, Hot
Seats, Wheel Spins, Deal or No Deal, Pick-a-Chip, Early Bird Specials
and free BINGO". All of these promotions give our customer more chances
Game rooms are classified as “Arcade Amusement Center” which means a
place of business having at least 50 coin operated amusement games or
machines on premises which are operated for the entertainment of the
general public and tourists as a bona fide amusement facility. Amusement
games or machines means games which must be able to operate by the
insertion of a coin, and which by application of skill may entitle the
person playing or operating the game or machine to receive points or
coupons, the cost value of which does not exceed $0.75 on any game
played, which may be exchanged for merchandise. The game room industry
in South Florida, operates under the Florida statue 849.161. In 2013
there were over two hundred arcades throughout the State of Florida.
UPCOMING ACQUISITION OF INDEX RELATED FUTURES TRADING BUSINESS:
As previously announced, the Company confirms that it is acquiring a
Company in the business of trading index related futures and is now
confident that it will complete this acquisition this month. At this
time we are not prepared to elaborate on this acquisition’s projected
contribution to the Company’s annual EBITDA.
IMMEDIATE OBJECTIVES OF THE INCOMING CHIEF EXECUTIVE OFFICER:-
Peter Voss will be initially focusing his attention on the Company’s
gaming expansion, improving stockholder communications and the
reintroduction of the Company to the investment community with the
Company now producing revenues, cash flow and profits. Peter, in
conjunction with Gold Coast’s Management, will be publishing a brief
“Management Discussion Analysis” on the Company’s gaming operations as
well as their EBITDA projections; this to be filed this week.
Peter Voss has undertaken to ensure that all outstanding Financial
Reports are filed without further delay, that corporate web sites are
updated and that Social Media be deployed to ensure better stockholder
communication. Peter is committed to the continuance of the Company’s
long history of complete transparency to its stockholders.
In short, Peter’s extensive experience in publicly quoted corporations
will serve our stockholders well and not only in their requests for
deadlines to be met but also through consistent and constant information
flow about Company operations.
About GNCC Capital, Inc.:
GNCC Capital, Inc. is a Holding Company which at present has a number of
subsidiary companies which are engaged in Adult Social Gaming Arcades in
South Florida and in Mining Exploration.
The Company’s Gold & Silver Mining Exploration properties are located in
Arizona and consist of “McCracken, Alamo, North Rawhide, White Hills,
Esther Basin, Burnt Well, Clara, Kit Carson, Silverfields and Potts
The Company intends to continue to diversify into other Industry Sectors
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.
Ronald Y Lowenthal, 702-951-9793
E Mail: email@example.com
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]
Source: GNCC Capital, Inc.