Business
Costas, Inc. Year in Review (2022) and 2023 Business Strategy Report
Costas, Inc. Year in Review (2022) and 2023 Business Strategy Report.
About this update from Standard Dental Labs Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / January 31, 2023 / Costas, Inc. (OTC PINK:CSSI) ("CSSI" or "the Company"), doing business as Standard Dental Labs Inc., reviews 2022 Company milestones in the year following the December 2021 appointment of CEO and controlling shareholder, Mr. James Brooks.Just over two months after assuming control of CSSI, in March 2022, the Company acquired certain assets of the common control entity, Standard Dental Labs (SDL). SDL's business plan was to acquire existing dental labs in the private sector, and then consolidate those labs regionally into one larger facility. The Company acquired the commercialization-ready business model, along with other IP including tradenames, logos and website."Industry consolidation creates economies of scale, and that can make the difference between survival and flourishing in this industry," said Brooks, CSSI Chief Executive Officer.The purchase of select assets of SDL closed in May of 2022, solidifying the Company's new business focus on the dental lab industry. Concurrent with the closing of the SDL acquisition, the Company's mandate became the purchase of cash-flowing and profitable dental lab businesses. The dental lab industry is estimated to be a $10B market in the US alone in 2022 (source: Grandview Research, Aug. 2021), and is growing steadily.The business model acquired from SDL included developed branding, and a detailed business plan to facilitate the acquisition of small to medium-sized dental labs, of which there are thousands in the United States. Similar models have been extensively used in the medical and dental clinic industries over the past 15 years, but dental laboratories themselves remain highly fragmented.Also in 2022, the Company established its headquarters in Orlando, Florida, leading to our August 2022 acquisition of Prime Dental Lab, the first of what the Company hopes will be many such acquisitions in the area. The acquisition of Prime Dental Lab resulted in the Company's first reported income in 20 years, and as the Company's plan is to continue acquiring similar labs, the Company expect to see incrementally increasing revenue with each new lab acquisition during 2023 and beyond.In addition to reporting the Company's first revenue in Q3 2022, in Q4 the Company engaged an independent registered public accounting firm, ...