OpenDNA founder steps down; New Managing Director appointed


Artificial intelligence and e-Commerce company, OpenDNA Limited (ASX: OPN) makes strategic changes to its Board. Mr. Bryan Carr is joining the board as Managing Director, and Mr. Jay Shah is stepping down from his role as Non-Executive Director; changes in place from 2 April 2019.

Jay Shah is the founder of OpenDNA, together with George Irwin, the company’s CTO, has invented and developed the company’s technology. He has been with OpenDNA since its founding in 2014.

Mr. Shah announced his resignation, and he believes that OpenDNA is entering a very exciting phase in the company’s lifecycle. He also stated that being the major stakeholder, he is happy to see the runway to revenue that the company has taken upon. He believes that the company’s decision to incorporate its hyper-personalisation AI capability with RooLife’s China-focussed e-Commerce solution and the inclusion of CHOOSE Digital business could enable an exciting growth for all the shareholders of OpenDNA.

Mr. Grant Pestell, the Chairman acknowledged Mr. Shah’s contribution to the company. He said that the team benefited from Mr. Jay’s knowledge.

The chairman also expressed his pleasure to have Mr. Carr joining the board as the Managing Director of the group.

Mr. Carr has a decade long experience in the e-Commerce and mobile payment sectors in China. He is also an experienced ASX public company director. Mr. Carr has a successful track record spread across a range of technology commercialisaion business and projects.

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Mr. Carr believes that OpenDNA is heading into the next phase of its business development as the management focuses its efforts on revenue generation and commercialisation of its products. He also stated that the company’s key position is about knowing and remaining connected to consumers online and with their China- focused e-Commerce capabilities, aiding brands to successfully sell products to Chinese consumers based on the customer profile and purchasing behaviour.

OpenDNA in March 2019 had signed an agreement with EVA Investment to sell Meluka Honey via RooLife. More on the OpenDNA developments could be read here.

The company had recently released its half year ended 31 December 2018 report. The revenue came in at $20,710 in 1HFY19 vs. $72,447 reported in 1HFY18. Net loss for the period came in at $1,627,911 vs Net loss reported in 1HFY18 of $2,388,604. On the balance sheet front, the company reported cash and cash equivalents of $1,820,448 in as on 31 December 2018 vs. $669,840 reported as on 30 June 2018.

Stock Price Information:

The stock has delivered a YTD return of 42.86 percent. The stock has delivered a return of 38.39 percent, and 42.86 percent in the past six months, and three months respectively.

The shares of OPN are trading 2% down at A$0.049 on ASX (As on 02 April 2019).

OPN’s market capitalization stands at A$10.34 million. The ASX reported average daily trading volume is 467,405. The company’s EPS stood at -0.029 AUD.


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