CHICAGO, Dec. 21, 2018 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (COSM), an international pharmaceutical company, announced the closing of its acquisition of Cosmofarm Ltd (“Cosmofarm”), a privately held company located in Athens, Greece.
Founded in 1994, Cosmofarm is a fully licensed pharmaceutical wholesale company operating in the greater Athens area. The company is approved and authorized by the National Organization for Medicines under Good Distribution Practices to distribute a comprehensive range of pharmaceutical products. Cosmofarm’s core activity is sourcing, procuring and distributing branded and generic medicines, over-the-counter (OTC) pharmaceuticals, food supplements, and medical devices to its growing network of more than 1130 pharmacies. The company maintains a vast supplier network of approximately 250 pharmaceutical manufacturers and wholesalers and had sales of about $14 million in FY2017.
“We are excited to announce the closing of this acquisition and to have Cosmofarm’s talented team become part of Cosmos Holdings,” Cosmos Holdings CEO Gregory Siokas commented. “Cosmofarm is a rapidly growing wholesaler that shares our values of innovation and high-quality distribution. To accommodate its growing operations, the company is relocating to a new 32,000 sq. feet facility that features a fully integrated robotic fulfillment center powered by ROWA® and offers 20 times the capacity of the old warehouse. Cosmofarm will play a key role in increasing sales of our SkyPremium Life product line to pharmacies.”
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is a pharmaceutical wholesaler with offices and warehouses in Thessaloniki, Greece and in Harlow, UK. The Company has a trans-European network of over 160 clients and vendors which expands to 16 countries including: Germany, United Kingdom, Ireland, United Arab Emirates, Denmark, Italy, France, Singapore, Spain, Lebanon, Skopje, Jordan, Sweden, Poland, Netherlands, and Greece. More information is available at www.cosmosholdingsinc.com.
FORWARD LOOKING STATEMENTS
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. 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. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
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