Business
Cosmos Holdings Achieves Positive Adjusted Net Income and Positive Adjusted EBITDA for the Third Quarter of 2021
CHICAGO, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company") (OTCQX: COSM), an international pharmaceutical company with a proprietary
About this update from Cosmos Health Inc.
[{"type":"text","content":"CHICAGO, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company\") (OTCQX: COSM), an international pharmaceutical company with a proprietary line of nutraceuticals and distributor of branded and generic pharmaceuticals, nutraceuticals, OTC medications and medical devices, today provided a business update and reported financial results for the third quarter ended September 30, 2021. Greg Siokas, Chief Executive Officer of Cosmos Holdings, stated, \"I am pleased to report we achieved positive adjusted net income and positive adjusted EBITDA (as defined below) for the third quarter of 2021, which reflects our strong organic growth, including both full-line wholesale products and our proprietary nutraceutical brand, Sky Premium Life®. Importantly, over the past nine months we have been focusing on reducing the Company’s debt and have converted a total of $10.2 million of debt to equity, further strengthening our balance sheet and facilitating our goal of uplisting to the Nasdaq Capital Market. Towards that end, we are also pleased to have secured a commitment of approximately $5.5 million of investment from Ault Global Holdings. We believe this investment is further validation of our business model and confidence in Cosmos’ upside potential.” “We continue to rapidly expand our distribution network worldwide and open new markets for our proprietary line of branded pharmaceuticals, nutraceuticals, and food supplements. During the quarter, we entered into an exclusive distribution agreement with Mediprovita GbR for the distribution of our full line of proprietary nutraceuticals, Sky Premium Life®, in Germany and Austria. We also achieved a major milestone by partnering with China-based REMAI e-Commerce Co., Ltd. to open a flagship store and launch our Sky Premium Life® products on Alibaba’s Tmall Global, the world’s largest cross-border e-commerce marketplace with approximately 500 million monthly active users. This partnership vastly expands our e-commerce distribution network into China and offers significant opportunities for geographic expansion of our proprietary supplement and nutraceutical products. We also upgraded our pharmaceutical logistic center in Athens, Greece. By installing an automated robotic system at CosmoFarm, a wholly owned subsidiary of Cosmos, we have reached a high level of automation in our enti...