Zhizhen Liu Succeeds GCC Global Capital CFO Yonghong Hu

GCC Global Capital Corporation (TSXV: GCCC.H), an Investment Issuer with a focus on real estate, natural resources, and high-tech industries,  has announced that Yonghong Hu has resigned from her positions as the Company’s Chief Financial Officer and Corporate Secretary. Concurrently, the Company has appointed Zhizhen (Andrew) Liu as the new Chief Financial Officer and Corporate Secretary, effective immediately. The Company expresses its appreciation for Ms. Hu’s service and contributions and wishes her success in her future endeavors.

Additionally, the Company has submitted an application to the British Columbia Securities Commission for the approval of a temporary management cease trade order (the “MCTO”) under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). If approved, the MCTO will restrict trading in the Company’s securities by the chief executive officer and chief financial officer until the Company has filed the Required Filings (as defined below) and fulfilled all ongoing disclosure obligations, subsequently lifting the MCTO. While the MCTO is in effect, the general public (non-insiders) will still be able to trade the Company’s listed securities. It should be noted that the application for the MCTO has been made, but there is no guarantee of its approval.

The Company foresees challenges in meeting the October 30, 2023, deadline (the “Filing Deadline”) for filing its audited financial statements for the fiscal year ending June 30, 2023, along with the management’s discussion and analysis and the associated Chief Executive Officer and Chief Financial Officer certificates (collectively referred to as the “Required Filings”).

The delay is attributed to the recent changes in CFO and Corporate Secretary, as well as a delay in receiving funds necessary to initiate the audit of the Company’s financial statements. The Company expects to secure the required funds soon, and work is in progress for preparing the necessary reports, including engaging an auditor for the financial statement audit.

The Company anticipates that it will be able to resolve this default by submitting the Required Filings on or before December 15, 2023. The MCTO will remain in effect until the Required Filings are successfully completed. The Company intends to comply with the alternative information guidelines specified in section 10 of NP 12-203 as long as the Required Filings remain outstanding.

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