LAS VEGAS, Oct. 30, 2020 (GLOBE NEWSWIRE) -- via InvestorWire -- Grey Cloak Tech Inc. (OTC: GRCK) (soon to be Healthy Extracts Inc. pending a corporate name change), a company engaged in proprietary development of natural plant-based formulations as well as sales and distribution of clinically proven cardiovascular and neuro products, is pleased to announce it has filed Form 10-Q for the third quarter ended Sept. 30, 2020. In addition, the Company today reports to shareholders its financial results for the nine months ended Sept. 30, 2020, and provides an update on the progress of its corporate strategy.
Nine-Month 2020 Financial Results
The Company reported revenue increases of 99% to $1,140,657 for the nine months ended Sept. 30, 2020, compared to revenues of $571,615 reported for the nine-month period ended Sept. 30, 2019. Gross profit increased by 46% to $697,479 for the nine months ended Sept. 30, 2020, compared to $477,750 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 Sept. 30, 2020, was $379,488. The Company arranged to have all the-third-party convertible debt purchased and exchanged for restricted common shares during the period. This resulted in $4,328,325 in net shareholder equity.
William Bossung, CFO and director, stated, “Nine-month results demonstrate continued momentum for the Company while eliminating all toxic convertible debt. We are now debt-free, and shareholder equity has increased to over $4 million. In addition, expenses will decrease now that the acquisitions of the Company’s two subsidiaries, BergaMet NA and Ultimate Brain Nutrients are complete.”
"In light of the challenges that the COVID-19 pandemic crisis has presented, we are pleased with the financial results for the third quarter and the nine-month 2020 increases,” stated Duke Pitts, CEO. “We expect approval for our name change to Healthy Extracts Inc., our new ticker symbol, and our upgrade to OTCQB, which will have the Company well-positioned for long-term sustainable growth, expansion and shareholder value.”
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 involve 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 make 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.
Grey Cloak Tech Inc.:
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www.GreyCloakTech.com
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