CHICAGO, IL--(Marketwired - Jan 25, 2017) - Cosmos Holdings, Inc. ("the Company") (OTCQB: COSM), an international pharmaceutical company, announced today that the Company signed a Letter of Intent (LOI) with the sole owners of CC Pharma GmbH who intend to sell all of the outstanding shares of CC Pharma GmbH to the Company. Financial terms of the transaction were not disclosed.
According to the Letter of Intent, inter alia, the Parties agreed:
- Parties shall negotiate a Share Purchase Agreement regarding the sale and transfer of CC Pharma GmbH shares to the Company.
- Company shall be entitled to conduct Due Diligence with regard to financial, legal and tax matters and that the Parties shall cooperate in good faith to complete the Due Diligence process in due course.
- The Parties shall use their best efforts to achieve closing of the transaction by April 1, 2017.
- Sellers granted the Company the exclusive right to acquire their shares of CC Pharma GmbH. This exclusive right expires on April 1, 2017. During this period, the Sellers will not actively market or enter into negotiations with any other buyer.
- Parties agreed that certain current managers of CC Pharma GmbH will remain managing directors of the Company until at least December 31, 2017. Parties will negotiate in good faith customary service agreements for the managing directors, whereby the Parties agree that the economic terms of such new agreements shall be equal or more favorable for the managing directors compared to their current service agreements.
Cosmos Holdings CEO Gregory Siokas commented, "We are continuing our negotiations with the owners and the management of CC Pharma GmbH. Following the MOU that we signed on November 2016 we are moving forward our relationship signing the current LOI in order to proceed in good faith to a definitive agreement as soon as possible. I am excited to complete this transaction which I believe will be to the benefit of CC Pharma GmbH and the shareholders of our Company."
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 www.cosmoshold.com.
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.
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.