Sioux Falls, South Dakota, USA
July 12, 2016
GroGenesis, Inc. (OTCQB: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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