No Flash for the iPhone? Greystripe says it has figured out a way around that, having developed proprietary technology that transcodes the Flash ads into a format that can be presented in games and applications.

Greystripe said it now will be offering advertisers the ability to target the iPhone audience through rich media ads, including Flash IAB medium rectangles and game-in-game, or “tailgate,” ads. The company said it has made marketing to the iPhone audience turnkey for agencies, digital media buyers and brands by supporting online ad servers such as Google’s DoubleClick and Microsoft’s Atlas.

Greystripe said its GS Impact tool offers “all of the creative power of Flash” on an iPhone, allowing brands to extend online ad campaigns directly to mobile. Its GS Tailgate tool offers the ability to create miniature advertiser-branded games in Flash and place them before, during and after existing iPhone games.