CEOCFO: When did you become CEO at GroGenesis and what were some of the first things you did in that role?
Mr. Kamolvathin: I was recruited by GroGenesis in the middle of 2015. I immediately recognized the opportunity and potential that GroGenesis had in its business plan. The company had committed shareholders that were passionate about helping farmers grow higher quality, more nutritious, healthy food. On the product side, I knew that I could make a significant contribution to improving the Agraburst formula. And on the corporate side, while there was no toxic funding or convertible notes outstanding and the corporate debt was manageable, I knew that I could make a positive impact on improving the capital structure and finding capital to take the business to the next level. Essentially, these were significant challenges, but I saw real opportunity in GroGenesis and its future.
One of the first steps I did was reevaluate the entire market cap of the company. We were a microcap company with a substantial amount of shares outstanding at the time. This ultimately affected our optics in the market place as we raised investment capital. So a major reorganization of outstanding shares had to be initiated. I visited with all of the majority shareholders and shared the new vision and mission and solicited their support to reduce the amount of shares outstanding and lock up a significant amount of shares that would eliminate any near term overhang as we moved forward. This was accomplished in the reduction of outstanding shares by 20 million, 5.5 million shares canceled and a multi-year lock up of 10 million shares. We are still discussing even further reductions and restrictions as we execute phases of our business plan.
The second task was to formulate a product that could help farmers reduce the amount of chemical input while at the same time provide price and yield incentives to produce higher value crops. This was achieved in the formulation of AgraBurst PRO. After conducting controlled trials in the field on a number of different crops in different regions of the world, we are confident that we confident that we have developed a significant product for the agriculture industry.
The third challenge was to reduce our corporate burn rate and recruit dedicated professionals to execute an aggressive business plan, albeit with limited resources initially. My management team shares the vision of helping farmers increase their family’s income through healthy farming practices. This commitment, by necessity, involves accepting lower compensation currently until we become cash flow positive. But I am proud to say that our team has that commitment and exhibits the dedication necessary to work in a young company with attainable and measureable goals.
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