LAS VEGAS, NV--(Marketwired - Dec 9, 2016) - Grey Cloak Tech, Inc. (OTC PINK: GRCK) today announced results for the quarter ended September 30 2016.
For the third quarter of 2016, revenues were $42,500 for the three months ended September 30, 2016, compared to $25,015 for the three months ended September 30, 2015, an increase of $17,485, or 70%. Revenues were $122,750 for the nine months ended September 30, 2016, compared to $70,415 for the nine months ended September 30, 2015, an increase of $52,335, or 74%. As of September 30, 2016 there were 16,656,276 shares of common stock outstanding.
William Bossung, CFO of Grey Cloak, stated, "Upon acquisition of ShareRails, we will be able to recognize revenue and earnings on a combined income statement which will significantly increase revenue."
Bossung continued, "The Company is excited about the pending acquisition of ShareRails which is on track to be completed in the fourth quarter of 2016."
Grey Cloak's revenues were generated through sales of their debut product, Fraudlytic, which continues to serve key customers across a variety of sectors including telecom, retail, and the automotive industry. Fraudlytic was developed to combat the increasing threat of digital advertising fraud -- also known as bot fraud or click fraud -- which the Interactive Advertising Bureau (IAB) projects could cost unsuspecting advertisers $8.2 billion annually. More recently, research conducted by the World Federation of Advertisers (WFA) projected the cost could exceed $50 billion a year by 2025.
To stay ahead of the threat, Grey Cloak continues to improve upon their core product. Version 2.0 of the product was rolled out in early August. Updates to the Fraudlytic software included performance improvements and better data tracking.
About Grey Cloak Tech and ShareRails
Grey Cloak Tech and ShareRails announced the signing of a binding Letter of Intent on September 15th, 2016. The Letter of Intent details the acquisition of ShareRails by Grey Cloak Tech, including obligations and conditions as required by Regulation S-X of the Securities Exchange Act.
In addition to the e-commerce tools spearheaded by ShareRails, Grey Cloak offers industry-leading click-fraud detection software. Click fraud, or bot fraud, cost unsuspecting advertisers approximately $18.5 billion annually in 2015.
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Grey Cloak Tech Inc. 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. These statements may address issues that involve significant risks, uncertainties, estimates made by management. Actual results could differ materially from current projections or implied results. Grey Cloak Tech Inc. undertakes no obligation to revise these statements following the date of this news release.