Business
Costas, Inc. Completes Acquisition of Florida Based Dental Lab, Prime Dental Lab, LLC
Costas, Inc. Completes Acquisition of Florida Based Dental Lab, Prime Dental Lab, LLC.
About this update from Standard Dental Labs Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / August 16, 2022 / Costas, Inc. (OTC PINK:CSSI), Costas, Inc. ("CSSI" or "the Company"). About COSTAS (CSSI): http://www.otcmarkets.com/stock/CSSI/profile.COSTAS, INC. is a publicly traded company listed on OTCMarkets under the trading symbol 'CSSI'. The Board of Directors of CSSI is pleased to announce the completion of a definitive agreement to acquire Prime Dental Lab, LLC. ("Prime Dental"), an Orlando-based dental lab in operation since 2012, under the ownership and management of Mr. John Kim. The acquisition of Prime Dental delivers more than ten years of experience and 2021 unaudited gross revenue in excess of $600,000.The opportunity to acquire Prime Dental follows the May 6, 2022, acquisition of certain assets of Standard Dental Labs Inc. ("SDL"), a company founded by CSSI CEO, James Brooks. Now operating under the DBA SDL, CSSI is currently searching for dental lab owners that have struggled to find an exit from the industry, intending to retire or who lack the resources to remain competitive. Among the assets acquired from SDL was the comprehensive business plan and roll up strategy aimed to facilitate the acquisition of these small to medium-sized dental labs, of which there are thousands in the United States.On August 15, 2022, following a due diligence process, CSSI and Prime Dental executed an Asset Purchase Agreement. Total consideration of $700,000.00 will be paid to the shareholders of Prime Dental in a combination of cash and registered shares for the assets, which includes all equipment, the client base, and associated revenue. Shares will be escrowed over two years, paid in quarterly installments. Although both parties have executed the agreement, it will not be ratified until the submission of a Form S-1 Registration with the Securities and Exchange Commission and receipt of notice of effect.The acquisition of Prime Dental is the latest in a series of dental labs the Company plans to acquire in the coming years. CSSI's mandate is to acquire cash-flowing, profitable businesses with strong financial track records and consolidate these operations, achieving operational efficiencies and enhancing the bottom line. Prime Dental brings immediate revenue-generating operations, and CSSI plans to facilitate access to previously inaccessible cutting-edge...