LAS VEGAS, NV--(Marketwired - Apr 12, 2017) - Grey Cloak Tech, Inc. (OTC: GRCK) ("the Company") today announces that it has completed its acquisition of ShareRails, a provider of online-to-offline (O2O) e-commerce services, which is valued at more than $6.4 million by Excel Management Systems.
ShareRails provides a unique, interactive mobile platform that connects shoppers and retailers by transforming local retailers' inventory data into rich digital content indexed by Google and other search engines. Grey Cloak Tech's acquisition of ShareRails provides valuable synergies that will expand the platform's reach into the social commerce and retail marketing industries.
"The acquisition of ShareRails by Grey Cloak Tech will allow us to accelerate our business model. We have been looking for this opportunity for a long time, and now the opportunity is at hand. Grey Cloak Tech brings a deep knowledge of enterprise software solutions that works seamlessly with our proprietary shopping applications. By combining both systems, it provides the end user with a one-stop-shop solution. This is only the beginning of a long and successful relationship," stated Joseph Nejman, founder and director of ShareRails.
Nejman will also serve as president of Grey Cloak Tech and as a member of the Company's board of directors. Fred Covely is now the Company's CEO, remains on the Board of Directors, and is the chief architect behind the Company's enterprise software platform.
A Harvard graduate, Nejman formerly served in a variety of business development roles at Google, as well as led the incubator at TomorrowVentures, a prominent venture capital firm. During his time at TomorrowVentures, he sourced and led the investment in Marker Studios, which was acquired by Disney for approximately $1 billion.
ShareRails' e-commerce platform, supplemented by Nejman's business development expertise, complements Grey Cloak Tech's broader expansion strategies.
"This is a great opportunity for Grey Cloak Tech. Our entire management team spent a week in Hong Kong last month with the ShareRails development team. We met with the platform's existing clients, as well as developed new relationships, and recognize that the online-to-offline business opportunities are substantial in the southeast region of China. In addition, we have made significant headway in the U.S. with regard to new client acquisition. We are excited about this opportunity to work with ShareRails. This is a huge step for our Company's evolution in the marketplace," stated Covely.
About Grey Cloak Tech and ShareRails
The ShareRails Online to Offline Platform (O2O) levels the digital playing field between e-commerce stores and brick-and-mortar stores by transforming local retailers' inventory data into rich digital content that is then indexed by Google and other search engines. ShareRails' platform attracts prospective customers via online channels to physical stores where they can pick up their items. This serves the "instant gratification" mentality of today's consumer. Using Internet marketing, social media and email marketing, ShareRails makes it easy for brick-and-mortar stores to become visible to millions more online shoppers.
The ShareRails O2O cloud platform offers retail merchants inventory management, curation and promotion features that can:
- Make Products Discoverable - In-stock products and promotions are instantly searchable online. Additionally, ShareRails creates digital product catalogs that enhance mall and merchant websites.
- Drive Foot Traffic - Products appear in local search and social media results. Search results drive customers to brick-and-mortar stores by showing store directions, hours and product details.
- Boost Customer Experience - The ability to have a continuous brand experience across devices ensures customers receive a personalized touch, both in-store and online.
In addition to the O2O e-commerce services provided by ShareRails, Grey Cloak offers industry-leading secure digital marketing, and click-fraud detection software. Click fraud, or bot fraud, cost unsuspecting advertisers approximately $18.5 billion in 2015.
For more information, visit http://www.GreyCloakTech.com and http://www.ShareRails.com.
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.