LAS VEGAS, Sept. 16, 2020 (GLOBE NEWSWIRE) -- 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 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 demonstrate just how far Grey Cloak Tech has come over the last 18 months and reflect 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 has 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’s environment, has the Company well-positioned for sustainable long-term growth."
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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