Grey Cloak Tech Inc. Announces Q2 Filing, Reports First-Half 2020 Earnings and Corporate Update
Filing and six-month results underscore GRCK’s commitment to advancing corporate strategies to build shareholder value and expand line of proprietary offerings
LAS VEGAS, September 15th, 2020 — via NetworkWire — Grey Cloak Tech Inc. (OTC: GRCK) (the “Company”), engaged in proprietary development of natural plant-based formulations, sales and distribution of cardiovascular and neuro products, today announces it has filed Form 10-Q for the second quarter ended June 30, 2020. In addition, the Company today reports to shareholders its financial results for the six months ended June 30, 2020, and provides an update on the progress of its corporate strategy.
First-Half 2020 Financial Results
The Company reported revenues of $607,558 for the six months ended June 30, 2020, compared to revenues of $298,313 reported for the six-month period ended June 30, 2019. Gross profit increased by 77% to $390,912 for the six months ended June 30, 2020, compared to $220,308 for the comparable period of 2019. The Company attributes the increases to the transition to its new business selling health nutrition products. Cash on hand as of December 31, 2019 was $133,451, and as of June 30, 2020 was $664,156.
“Strong first-half results demonstrates just how far Grey Cloak Tech has come over the last 18 months and reflects the opportunities moving forward,” said Company CFO and Director William Bossung.
“In light of the challenges that the COVID-19 pandemic crisis has presented, we’re pleased with the financial results for the second quarter of 2020 and we are extremely proud of how our employees have responded to the crisis. Despite the fear and anxiety this pandemic may be causing in their personal lives, our staff have stepped up to make sure we continued to deliver superior products that our customers have come to expect. Though it will likely be a while before the COVID-19 pandemic is behind us, Grey Cloak Tech’s transformed business model, now based on products formulated for today environment, has the Company well-positioned for sustainable long-term growth.”
Corporate Progress
GRCK employs a growth-by-acquisition strategy which enables the Company to consistently refine and expand its line of offerings in the natural health market.
The Company’s wholly owned BergaMet NA subsidiary, acquired in February 2020, imports, manufactures and distributes a proprietary line of products derived from the rare citrus superfruit, bergamot. BergaMet NA offers the only Citrus Bergamot SuperFruit™ heart health supplement that is specifically formulated to naturally tackle underlying conditions such as cardiovascular health, blood sugar, internal inflammation and other metabolic conditions. The product is backed by 17 experimental studies and human trials. These and other BergaMet products can be found at www.BergaMetNA.com as well as on Amazon, other online retailers and in doctors’ offices throughout the United States.
In April 2020, GRCK acquired Ultimate Brain Nutrients (“UBN”), which recently introduced to market its F4T™ formulation for brain health. UBN has a roadmap to U.S. FDA approval on migraines and five unique formulation patents – one issued and four pending – that target brain activity, focus, headache and cognitive behavior. The subsidiary’s KETONOMICS® formulation is founded on medical and scientific research that focuses on the field of brain and physiological metabolism.
For the remainder of 2020, GRCK will continue to explore acquisition targets that are complementary to the Company’s business model and current portfolio of subsidiaries.
About Grey Cloak Tech Inc.
Grey Cloak Tech Inc. (OTC: GRCK), through its two subsidiaries, BergaMet NA and Ultimate Brain Nutrients (“UBN”), is engaged in proprietary research and development of natural plant-based formulations, as well as sales and distribution of natural ingredient cardiovascular and neuro products. For more information, visit the company’s websites: www.GreyCloakTech.com, www.BergametNA.com , www.UBNutrients.com
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as “projected,” “expect,” “possibility,” and “anticipate.” The achievement or success of the matters covered by such forward-looking statements involves significant risks, uncertainties, and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company’s Annual Report on Form 10-K filed with the SEC on April 1, 2020, and future periodic reports filed with the SEC. All of the Company’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements, and assumptions made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
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