Business
Cosmos Health Advances Its Strategic Plan; Acquires Distressed Property Housing Operations of CosmoFarm, Expected to Generate Substantial Value for Shareholders
CHICAGO, IL / ACCESSWIRE / May 3, 2023 / Cosmos Health Inc. ("Cosmos Health" or "the Company") (NASDAQ:COSM), a global healthcare group with proprietary lines
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, IL / ACCESSWIRE / May 3, 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, today announced that is has acquired the entire property which houses the operations of its wholly owned subsidiary CosmoFarm Pharmaceuticals (\"CosmoFarm\"), a fully licensed pharmaceutical wholesale company operating in the western part of Athens, Greece.The CosmoFarm property, pictured below, comprises an entire 3-story building, 2,700 square meters (or approximately 29,063 square feet) in size. The purchase price was €966,000 (or approximately $1,068,000 using today's exchange rate). The facility utilizes state-of-the-art ROWA technologies to automate procurement, inventory management, & order execution. ROWA boasts a zero-error rate, faster order picking, and automated order picking process. Greg Siokas, Chief Executive Officer of Cosmos Health, stated, \"Cosmos Health is focused on generating shareholder value. This acquisition illustrates our approach of investing in distressed and undervalued assets, which are also critical elements in our strategic considerations and priorities. In fact, the purchase price of $1.1 million is a fraction of the current fair market value. We look forward to updating our shareholders on our multi-faceted progress.\"About Cosmos Health, IncCosmos 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. Co...