GroGenesis Completes Asset Purchase Agreement and Enters Agricultural and Environmental Sectors -- Company Commences Trading as GROGFebruary 20, 2014
Springville, TN– (MARKETWIRED – February 20, 2014) – GroGenesis, Inc., (OTCBB: GROG) (“GroGenesis” or the “Company”), rights holders and manufacturers of AgraBurst, an innovative liquid plant growth enhancement product, is pleased to announce the February 7, 2014 close of an asset purchase agreement comprising the intellectual property as described below. The Company further effected a name change on December 10, 2013 to GroGenesis, Inc, (www.grogenesis.com), which best reflects the nature of the business and advises that its common stock is now quoted on the OTCBB exchange under the symbol GROG.
In accordance with the terms of the Agreement, on the Closing Date, the Company acquired all rights, title, and interest in and to the assets relating to a natural blend of plant extracts used as a liquid plant growth enhancer, known as the AgraBurst crop surfactant formula SURF0107 ("AgraBurst"). A plant surfactant is a compound that lowers the surface tension between a liquid and a solid in order to allow for more efficient nutrient uptake in the plant.
In consideration for the acquisition of the intellectual property comprising AgraBurst, including the technology described in the United States provisional patent application number 61/897,584- "Composition and Method for Enhancing Plant Growth,” as well as all related assets necessary for operating a plant growth enhancement product manufacture and sales business as a going concern, the Company issued 20,000,000 shares of its common stock. As a result of the Agreement, the Registrant acquired the business and operations.
In related news, the Company confirms the appointment of Joseph Fewer as President, C.E.O., Secretary, Treasurer and Director. Mr. Fewer has been responsible for much of the formulation and testing of AgraBurst to date. He has acted as the President of Hacienda Acres, a 25 acre hobby farm focused on sustainable farming since November 2009. From May 2012 to January 2013, he also acted as Chief Operating Officer of Premier Equipment Services Inc., a ten store John Deere dealership business located in Ontario, Canada. From 2005 to 2012, Mr. Fewer also acted as President and C.E.O. of AgraTurf Equipment Services Inc., a five store John Deere dealership in southwestern Ontario that subsequently merged with Elmira Farm Services Inc. to create Premier Equipment Services Inc.
Additional details of the Company’s business, finances, appointments and agreements can be found in its current report dated February 10, 2013, which forms part of the Company’s continuous public disclosure as a reporting issuer with the Securities and Exchange Commission (“SEC”) available at www.sec.gov.
About GroGenesis, Inc. (OTCBB: GROG)
GroGenesis aims to become a leading producer of natural plant growth enhancement technologies. The Company’s flagship product ‘AgraBurst’ is neither a fertilizer nor herbicide. The product is a plant growth technology blended from processed extracts of natural plant materials that directly improves the positive effects of commercial fertilizers and available nutrients. Find out more at www.grogenesis.com.
Cautionary Language Concerning Forward-Looking Statements:
Information set forth in this press release contains forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in the GroGenesis filings with the Securities and Exchange Commission available at: www.sec.gov. GroGenesis disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.