Ticker COSM - OTCQB
Cosmos Holdings, Inc. Enters into Share Purchase Agreement to acquire Cosmofarm Ltd.Press Release | 07/02/2018
CHICAGO, July 02, 2018 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (OTCQB:COSM), an international pharmaceutical company, announced the Company signed a Share Purchase Agreement to acquire 100% of the shares of Cosmofarm Ltd (“Cosmofarm”), a privately held company located in Athens, Greece.
Cosmofarm is a fully licensed pharmaceutical wholesale company, located in the vast area of Athens since 1983. The company is approved and authorized by the National Organization for Medicines under Good Distribution Practices to distribute a variety of pharmaceutical products. More specifically, the core activity business of Cosmofarm is the purchase, sale and distribution of branded and generic medicines, Over the Counter (OTC) products, nutraceuticals and several medical devices and products. Cosmofarm has an active clientele network of more than 320 pharmacies and clinics, and over 250 vendors of pharmaceutical and wholesale companies.
Cosmos Holdings CEO Gregory Siokas commented, “The acquisition of Cosmofarm allows us to expand our network and vertically integrate our operations for maximum sales opportunities, while benefitting from lowering our costs from an operational standpoint. The integration of Cosmofarm has been carefully planned and selected mainly because of the synergistic actions that are in place with our current subsidiaries and the significant added value that it should bring into our group.”
The closing of the acquisition is expected to occur during the third quarter of this year.
Financial details have not been disclosed.
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is a pharmaceutical wholesaler with offices and warehouses in Thessaloniki, Greece and in Harlow, UK. The Company has a trans-European network of over 110 clients and vendors which expands to 16 countries including: Germany, United Kingdom, Ireland, United Arab Emirates, Denmark, Italy, France, Singapore, Spain, Lebanon, Skopje, Jordan, Sweden, Poland, Netherlands, and Greece. More information is available at www.cosmosholdingsinc.com.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. 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. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
