Grey Cloak Tech (OTC: GRCK) today announced that it has completed the acquisition of BergaMet NA, LLC, resulting in BergaMet becoming a wholly-owned subsidiary of the company. BergaMet imports, manufactures and distributes a proprietary line of products derived from Bergamot, a rare citrus fruit that is considered a “superfruit” due to the uncommon composition of the various antioxidant polyphenols. As part of the acquisition, Sanjeev Javia was appointed as President, Chief Executive Officer, and has joined the Grey Cloak Board of Directors. Prior to the acquisition, the company entered into a note satisfaction agreement with all holders of its convertible debt, terminating their convertible notes. Several holders of promissory notes agreed to convert their notes into common stock prior to the closing. As a result, no promissory notes, convertible or otherwise, are currently outstanding, except for convertible notes subject to revival if the company fails to make payments in accordance with the note satisfaction agreements. In addition, all holders of GRCK Series A Convertible Preferred Stock entered into a preferred stock conversion agreement, converting their shares of preferred stock into common stock, resulting in no outstanding shares of Series A Convertible Preferred Stock. “I am honored to have the opportunity to head up the Grey Cloak/BergaMet team. We have the opportunity to change the way people treat a number of cardiovascular ailments naturally. The possibilities to expand distribution in the nutritional industry with this unique product are endless. The Company now has the flexibility to enter many other distribution segments of the health industry with BergaMet,” president & chief executive officer Sanjeev Javia stated in the news release.
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About Grey Cloak Tech, Inc.
Grey Cloak Tech, Inc., through its subsidiaries, is engaged in the sale and distribution of full spectrum hemp oil, and the full line of BergaMet products. For more information, visit www.GreyCloakTech.com.
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