SOURCE: Cosmos Holdings

May 24, 2017 11:40 ET

CORRECTION - Cosmos Holdings, Inc. Announces first Quarter 2017 Results

CHICAGO, IL--(Marketwired - May 24, 2017) - In the news release, "Cosmos Holdings, Inc. Announces first Quarter 2017 Results," issued yesterday, May 23, by Cosmos Holdings (OTCQB: COSM), we are advised by the company that the subhead should read "Revenue Improved 262% and Gross Profit Improved 315% compared to the three months ended March 31, 2016." The "revenue improved" and "gross profit" percentages in the second paragraph were also updated. Complete corrected text follows.

Cosmos Holdings, Inc. Announces first Quarter 2017 Results

Revenue Improved 262% and Gross Profit Improved 315% compared to the three months ended March 31, 2016

CHICAGO, IL -- May 23, 2017 -- Cosmos Holdings, Inc. ("the Company") (OTCQB: COSM), an international pharmaceutical company, announced financial results for the quarter ended March 31, 2017.

For the quarter ended March 31, 2017, versus the quarter ended March 31, 2016, Cosmos Holdings' revenue improved 262% to $4.1 million from $1.1 million on the strength of its SkyPharm SA subsidiary, which obtained the necessary capital during 2016 and 2017 in order to develop, expand and organically grow its operations. Of note, revenue improved sequentially 27%, from $3.2 million in the 2016 fourth quarter to $4.1 million in the 2017 first quarter due to the organic growth in Sky Pharm SA and the acquisition of the UK subsidiary Decahedron Ltd. Additionally, gross profit increased 315% to $363,692 in the first quarter of 2017 from $87,676 in the first quarter of 2016.

During the first quarter of 2017 Cosmos Holdings completed the acquisition of the UK based pharmaceutical company Decahedron Ltd. With this acquisition, Cosmos expands its geographic market improving its access to additional vendors and customers moving closer to its goal of becoming an International Pharmaceutical Company.

Cosmos Holdings was successful in securing $2.6 million of institutional capital as of the first quarter of 2017. The company also entered into an agreement for an additional 2,750,000 EUR of capital through its subsidiary Decahedron in the form of a trade facility in April 2017. Moreover, in May 12, 2017 the company entered into another trade finance agreement and received institutional financing of 2,000,000 EUR through its subsidiary Skypharm SA.

Cosmos Holdings CEO Gregory Siokas commented, "In the first quarter of 2017 we successfully completed the strategic acquisition of Decahedron Ltd, expanding our reach to the UK market. Currently we are working hard to accelerate the growth of our subsidiaries and moving forward with the acquisition of carefully targeted companies that will add value to the Company and its shareholders. During 2017 we are planning to complete additional acquisitions, continue to enter into new markets, and expand our product lines to include generic drugs and cosmetics products."

About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is a pharmaceutical company focused on identifying, acquiring, developing, and commercializing medicines to improve patients' lives and outcomes. The Company has a trans-European network of more than 60 clients and vendors in Germany, the United Kingdom, Ireland, Denmark, Poland, Netherlands, and Greece. Its warehouse and distribution center is located in Thessaloniki, Greece and is GDP & ISO 9001:2008 certified. More information is available at

Cosmos Holdings, Inc. takes no responsibility for updating the information contained in this press release following the date hereof to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events or for any changes or modifications made to this press release or the information contained herein by any third-parties, including, but not limited to, any wire or internet services.

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.

Contact Information

  • For More Information, Contact:
    Steve Carr
    Managing Director
    Dresner Corporate Services

    Integra Consulting Group LLC
    Jeremy Roe / Managing Partner
    +1 925 262 8305