CHICAGO, IL / ACCESSWIRE / September 13, 2023 / Cosmos Health Inc. ("Cosmos Health" or the "Company'') (NASDAQ:COSM), a diversified, vertically integrated global healthcare group engaged in innovative R&D, owner of proprietary nutraceutical brands, manufacturer and distributor of healthcare products, and operator of a telehealth platform, announced today the start of the Company's stock buyback program.
The Company is committed to taking all available measures to enhance shareholder value.
On January 24, 2023, the Company announced that its Board of Directors has approved a share repurchase program, pursuant to which the Company may purchase up to $3 million in shares of its outstanding common stock. Cosmos Health may repurchase shares from time to time through open market purchases in accordance with SEC Rules 10b 5-1 and 10b-18 and other restrictions. The timing and total amount of stock repurchases will depend on market conditions, corporate and regulatory requirements, prevailing stock prices and other considerations. The repurchase program expires on January 23, 2024, and may be renewed at the Company's sole discretion.
Greg Siokas, Chief Executive Officer of Cosmos Health, stated: "We believe that our stock is undervalued. Cosmos has made significant progress on multiple fronts over the past year, building a solid, diversified asset base. All this is supported by a robust balance sheet with negligible debt. We believe that we have now reached a major strategic inflection point, with operations and revenue ramp-up underway. We recently announced our inaugural guidance where we expect to achieve more than $180 million in gross annual revenue and EBITDA in excess of $20 million by 2026. It is fair to say that things are looking bright. However, this is not reflected in our current valuation. To this end, we have started our buyback program and are committed to protecting and enhancing shareholder value."
About Cosmos Health Inc.
Cosmos Health Inc. (Nasdaq:COSM), incorporated in 2009 and headquartered in Chicago, Illinois, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary products, including nutraceuticals and food supplements under the brands "Sky Premium Life" and "Mediterranation." Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency, it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, and www.zipdoctor.co.
With the exception of the historical information contained in this news release, the matters described herein, may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded by, followed by, or that otherwise, include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could", are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. These statements, involve unknown risks and uncertainties that may individually or materially impact the matters discussed, herein for a variety of reasons that are outside the control of the Company, including, but not limited to, the Company's ability to raise sufficient financing to implement its business plan, the impact of the COVID-19 pandemic and the war in Ukraine, on the Company's business, operations and the economy in general, and the Company's ability to successfully develop and commercialize its proprietary products and technologies. Readers are cautioned not to place undue reliance on these forward- looking statements, as actual results could differ materially from those described in the forward-looking statements contained herein. Readers are urged to read the risk factors set forth in the Company's filings with the SEC, which are available at the SEC's website (www.sec.gov). 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.
Investor Relations Contact:
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SOURCE: Cosmos Health Inc.
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