- Healthy Extracts Inc. officially changed its name from Grey Cloak Tech Inc. on March 1, formalizing the company’s shift into the health products industry
- Healthy Extracts currently wholly owns two subsidiaries, BergaMet North America (“NA”) and Ultimate Brain Nutrients (“UBN”), and reported a revenue increase of 71% from $748,377 in 2019 to $1,276,559 in the 12 months ending December 31, 2020
- This revenue growth is consistent with the trend in the plant-based foods and products industry, which is growing due to increased health consciousness and concerns regarding climate change
The plant-based foods and products industry is experiencing a boom attributable to the increased health consciousness due to the COVID-19 pandemic and concerns about greenhouse gas emissions and the increased pressure on resources caused by the rearing of animals. As a result, it is expected to reach a value of $74.2 billion in 2027, guided by a CAGR of 11.9% from 2020 to 2027.
Further, data released by a group of researchers showed that the retail sales of plant-based foods had reached a value of $5 billion in 2020, following a growth of 11.4% over one year. To put these figures into perspective, the entire US retail market had only grown by 2.2% over the same period (https://ibn.fm/YuQzM). The sales figures are consistent with findings of a 2020 study by the Yale Program on Climate Change Communication, which found that 94% of Americans are willing to eat more plant-based foods, despite only 4% of the population being vegans or vegetarians (https://ibn.fm/wzcwo).
These statistics mean that the market conditions are favorable for Healthy Extracts (OTCQB: HYEX), a Nevada-based company engaged in the proprietary research and development of natural plant-based formulations, sales and distribution of cardiovascular and neuro products through its wholly owned subsidiaries. Perhaps indicative of the impact of the boom on its operations, HYEX reported a revenue increase of 71% from $748,377 in 2019 to $1,276,559 over the 12 months ending December 31, 2020.
The company attributed the growth to the transition to its new business selling health nutrition products. Healthy Extracts, which officially changed its name from Grey Cloak Tech Inc. on March 1 and also now has a new ticker symbol, “HYEX,” began its transition in 2017 with the acquisition of Eqova Life Sciences (“Eqova”), a company focused on the sale of hemp oil products.
“We changed our name from Grey Cloak Tech Inc. to Healthy Extracts Inc. to more accurately reflect our business,” reads a paragraph from HYEX’s annual report for the 2020 fiscal year filed with SEC as form 10-K (https://ibn.fm/dEKMC). “The name Healthy Extracts Inc. was an important step in aligning our corporate structure and goals with our proprietary products,” said Kevin Duke Pitts, Director, President and CEO of HYEX.
Currently, Healthy Extracts wholly owns two subsidiaries, BergaMet North America (“NA”) and Ultimate Brain Nutrients (“UBN”), both of which deal with health products, having closed Eqova in the second quarter of 2019. BergaMet NA, which Healthy Extracts acquired in 2019, sells and distributes a full line of proprietary product formulations derived from the rare Citrus Bergamot Superfruit(TM) (“bergamot”) native to Southern Italy. Bergamot is a natural source of various antioxidant polyphenols. Additionally, scientific studies have also demonstrated its cholesterol reduction and anti-inflammatory capabilities, while over ten clinical studies have backed its effectiveness as a heart health supplement (https://ibn.fm/oAaHP).
UBN develops unique, plant-based superior proprietary health technology neuro-products that improve memory, cognition, focus and neuro-energy. Simply put, the neuro-brain solutions enhance the brain’s overall health. It currently has five unique formulation patents to its name, with one already issued and four pending. Healthy Extracts acquired UBN on April 3, 2020.
CEO Duke Pitts praised the 2020 results as being demonstrative of the company’s continued momentum. With the climate change concerns and increased awareness of the need for healthy living promoting the growth of the plant-based foods and products sector, Healthy Extracts looks poised to leverage these favorable market conditions to continue growing well into the future.
For more information, visit the company’s website at www.HealthyExtractsInc.com.
NOTE TO INVESTORS: The latest news and updates relating to HYEX are available in the company’s newsroom at https://ibn.fm/HYEX
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