CHICAGO, IL / ACCESSWIRE / May 8, 2023 / Cosmos Health Inc. ("Cosmos Health" or "the Company") (NASDAQ:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, announced today that it has executed a Stock Purchase Agreement ("SPA") for, and has now entered the final phase for the acquisition of, Pharmaceutical Laboratories CANA S.A., ("Cana"), a Greek pharmaceutical company that manufactures, sells, distributes, and markets original branded products researched and developed by leading global pharmaceutical and healthcare companies.
As previously announced, on February 28, 2023 the Company entered into a material definitive agreement with Cana. Cosmos Health injected €4.1 million into Cana, which will allow it to emerge as an entity with a robust balance sheet and a strong foundation for future growth. The next phase was the execution of an SPA, which has been successfully concluded. As a result, the Company has now entered the final phase of the acquisition process.
Greg Siokas, Chief Executive Officer of Cosmos Health, stated: "We are extremely pleased that we have now entered the final phase of the acquisition process of Cana and are proceeding according to plan. We anticipate that this transaction will be transformative for Cosmos by accelerating our growth plans, generating numerous synergies, strengthening our vertical integration, expanding our product portfolio, increasing our asset base with high quality real estate and an EU-licensed production facility certified by the European Medicines Agency to manufacture pharmaceuticals, supplements, cosmetics, biocides, and medical devices, and ultimately generating substantial, high-margin cash flows. We look forward to closing this acquisition as soon as possible as well as updating our investors on new projects and acquisitions in the pipeline, which are in line with our synergistic and strategic approach of investing in distressed and undervalued assets. We are committed to growing our Company as well as keep delivering on whatever we have announced."
About Cosmos Health, Inc
Cosmos Health Inc. (Nasdaq:COSM) is a global healthcare group that was incorporated in 2009 and is headquartered in Chicago, Illinois. Cosmos Health is engaged in the nutraceuticals sector through its own proprietary lines of products "Sky Premium Life" and "Mediterranation." Additionally, the Company is operating in the pharmaceutical sector through the provision of a broad line of branded generics and OTC medications and is involved in the healthcare distribution sector through its subsidiaries in Greece and UK serving retail pharmacies and wholesale distributors. Cosmos Health is strategically focused on the R&D of novel patented nutraceuticals (IP) and specialized root extracts as well as on the R&D of proprietary complex generics and innovative OTC products. Cosmos has developed a global distribution platform and is currently expanding throughout Europe, Asia and North America. Cosmos Health has offices and distribution centers in Thessaloniki and Athens, Greece and Harlow, UK. More information is available at www.cosmoshealthinc.com and www.skypremiumlife.com.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). The Company disclaims any intention or obligation to update, or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE: Cosmos Health Inc.