GroGenesis Announces Reduction of 5.5 Million Shares Outstanding
SIOUX FALLS, S.D., July 12, 2016 (GLOBE NEWSWIRE) -- GroGenesis, Inc. (GROG) (“GroGenesis” or the “Company”), a global sustainable agriculture company and producer of AgraBurst PRO ™, a premium organic, non-GMO nano-surfactant for fertilizer manufacturers and commercial lawn & turf companies, is pleased to announce the cancellation of 5.5 million shares from the total common shares outstanding.
“We are announcing to our shareholders that we have reduced our shares outstanding by 5.5 million shares,” stated Richard Kamolvathin, President and CEO of GroGenesis. “Building value for shareholders in a public company requires not only success in establishing a strong business and revenue model, but also by maintaining the financial integrity that comes from prudently managing the stock capital structure of the company.”
“We made a firm commitment to our employees, partners and shareholders that we would focus on executing our business plan with the guiding principle of enhancing shareholder value through profitable revenue growth and diligent oversight of our capital structure,” added Kamolvathin. “We have initiated dialogue with other majority shareholders towards effecting additional share reductions and performance-based reclassification in our shares outstanding beyond today’s significant reduction. We expect to finalize more negotiations in the near future.”
“It is our team’s primary objective to add value to current and future shareholders through actions reflecting appropriate fiduciary responsibility. A realistic stock capital structure that builds the foundation for market fundamentals will enable our Company to be properly valued in the investment community,” concluded Kamolvathin.
For details regarding this cancellation, investors can review the Form 8-K that the Company will be filing with the Securities & Exchange Commission.
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About GroGenesis, Inc.
Headquartered in the heart of the US Farm Belt, Sioux Falls, South Dakota-based GroGenesis is an agricultural services enterprise offering food producers a revolutionary, proprietary, all-natural, non-GMO nano-surfactant which enhances soil and crop health and reduces potential harm the health of farm workers due to its non-toxic properties. GroGenesis’ flagship product, AgraBurst PRO™, is an all-natural, organic, non-GMO agricultural input which optimizes the ability of the plant to more efficiently use the added nutrients incorporated in fertilizers resulting in less fertilizer being required. The application of AgraBurst PRO™ can begin the process of improving the health of the soil while minimizing the use of conventional chemical agricultural inputs. For more information, please visit the Company’s website at www.GroGenesis.com.
Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward-looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, the development of our products, our limited financial resources, our ability to raise the working capital needed to fund the expansion of our current and future distribution commitments, our ability to retain key employees, our competitors’ ability to develop better or less expensive alternatives to our products and the risks and uncertainties discussed under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended May 31, 2015, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update any forward-looking statement for any reason.
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