CHICAGO, IL / ACCESSWIRE / April 3, 2023 / Cosmos Health Inc. ("Cosmos Health" or "the Company") (Nasdaq:COSM), a global healthcare group with proprietary lines of nutraceuticals and distributor of pharmaceuticals, branded generics, OTC medications and medical devices, announced today that it has successfully completed the acquisition of ZipDoctor, Inc. ("ZipDoctor") from American International Holdings Corp (AMIH). The financial terms of the acquisition were not disclosed.
ZipDoctor is a direct-to-consumer subscription-based telemedicine platform, that expects to provide its customers affordable, unlimited, 24/7 access to board certified physicians and licensed mental and behavioural health counsellors and therapists. ZipDoctor's online telemedicine platform will be available to customers across the United States and shall offer English and Spanish coverage with virtual visits taking place either via the phone or through a secured video chat platform. ZipDoctor customers will be able to subscribe through their website at www.ZipDoctor.com and are only required to pay a monthly fee, which is determined based on whether they are an individual, a couple, or a family.
Greg Siokas, Chief Executive Officer of Cosmos Health stated: "We are delighted to announce the successful completion of our acquisition of ZipDoctor. The telehealth industry is poised for significant growth, and we are confident that with the right investment and support from Cosmos Health, ZipDoctor can emerge as a major player in this field. Our immediate focus will be to expand ZipDoctor's presence in the United States by leveraging its existing platform and forging new partnerships. Additionally, we will consider the possibility of broadening ZipDoctor's current primary care and mental health services by offering consultations related to men's and women's health, weight loss, and other similar treatments, while also exploring opportunities to promote our own products through the platform. Moreover, we are open to exploring additional tech investments, innovations, and acquisitions to broaden our portfolio of brands, and will also consider opportunities for international expansion when appropriate. We would also like to thank Jacob Cohen, Director of AMIH, for his cooperation in the successful completion of this transaction."
According to Nova One Advisor, the U.S. Telehealth market size was valued at $23.8 billion in 2021 and is expected to grow to $309.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 45.1% from 2022 to 2030. The shortage of healthcare specialists and primary care physicians in the U.S. is one of the major factors expected to accelerate the market growth in the U.S. according to the Association of American Medical Colleges (AAMC) estimation, there is an estimated shortage of both primary and specialty care physicians between 37,800 and 124,000 physicians by 2034. In 2021, the Centers for Medicare and Medicaid Services expanded reimbursable telehealth codes for the 2021 physician fee schedule.
About Cosmos Health, Inc
Cosmos Health Inc. (Nasdaq:COSM) is a global healthcare group that was incorporated in 2009 and is headquartered in Chicago, Illinois. Cosmos Health is engaged in the nutraceuticals sector through its own proprietary lines of products "Sky Premium Life" and "Mediterranation." Additionally, the Company is operating in the pharmaceutical sector through the provision of a broad line of branded generics and OTC medications and is involved in the healthcare distribution sector through its subsidiaries in Greece and UK serving retail pharmacies and wholesale distributors. Cosmos Health is strategically focused on the R&D of novel patented nutraceuticals (IP) and specialized root extracts as well as on the R&D of proprietary complex generics and innovative OTC products. Cosmos has developed a global distribution platform and is currently expanding throughout Europe, Asia and North America. Cosmos Health has offices and distribution centers in Thessaloniki and Athens, Greece and Harlow, UK. More information is available at www.cosmoshealthinc.com and www.skypremiumlife.com.
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:
Lytham Partners, LLC
SOURCE: Cosmos Health Inc.