LAS VEGAS, NV--(Marketwired - September 15, 2016) - Grey Cloak Tech Inc. (OTCBB: GRCK) today announced the signing of a binding Letter of Intent to acquire ShareRails, an innovative omni-channel technology company that better engages and expands the customer base of online and offline retailers. The Marketing Expansion Services (MES) market is poised to reach $3.8 trillion by 2018 in the U.S., alone.
"Our commerce platform connects offline and online retailers to shoppers through mobile merchandising tools, digital influencers, and social media," says Joseph Nejman, Founder and President of ShareRails.
A Harvard graduate, Nejman formerly served in a variety of business development roles at Google and 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.
In addition to helping malls and traditional retailers extend their store online into accessible product catalogs, ShareRails engages social media influencers as merchandisers and develops new revenue streams for digital publishers. Their omni-channel and influencer marketing products are appropriate for businesses of all sizes, worldwide.
"We are delighted to be joining forces with Grey Cloak Tech," says Nejman. "Their deep experience with enterprise software solutions will help us streamline a smoother integration process and rapidly scale the platform."
Prior to signing the Letter of Intent, the companies held several meetings to assess alignment of corporate culture, and key employee involvement in business and marketing development.
"It has always been our desire to stay ahead of advertising trends, developing the most advanced technology to meet the demands of our complex digital environment," says Fred Covely, President and CEO of Grey Cloak. "Joseph brings to us strong technology expertise from his employment with Google, and we're fortunate to be in a market sector that's experiencing such rapid growth."
The Letter of Intent includes obligations and conditions to the closing that are typical in similar transactions, including satisfactory due diligence and all required organizational action, and the ability of ShareRails to deliver audited financial statements as required by Regulation S-X of the Securities Exchange Act. The parties expect to consummate the transaction as soon as reasonably practicable.
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