CEO has converted $4.0 million of the Company’s debt to date; the conversion price represents a premium to market
CHICAGO, July 26, 2021 (GLOBE NEWSWIRE) -- Cosmos Holdings, Inc. (“the Company”) (OTCQX: COSM ), an international pharmaceutical company with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and an extensive, established European Union distribution network, is pleased to announce that Mr. Greg Siokas, Chief Executive Officer, has further reduced the debt of the Company by converting an additional $1.25 million of related party debt personally owed to him in exchange for 208,333 shares of common stock at $6.00 per share on July 19, 2021. Over the past two months, Mr. Greg Siokas has converted $4.0 million of the Company’s debt.
Greg Siokas, Chief Executive Officer of Cosmos Holdings, stated, “Reducing the Company’s debt allows us to focus on scaling the business while enhancing our cash flow as we rapidly expand our distribution network across Europe, Asia and North America. We look forward to executing on a number of key initiatives this year that we believe will enhance shareholder value, and remain focused on our goal of uplisting to the Nasdaq Capital Market.”
About Cosmos Holdings, Inc.
Cosmos Holdings Inc. is an international pharmaceutical company, with a proprietary line of branded and generic pharmaceuticals, nutraceuticals, OTC medications and medical devices and an extensive, established EU distribution network. The Company identifies, acquires, develops and commercializes products that improve patients' lives and outcomes and has developed a global distribution platform and is currently expanding throughout Europe, Asia and North America. Cosmos Holdings has offices and distribution centers in Thessaloniki, Greece, Athens, Greece and Harlow, UK. More information is available at www.cosmosholdingsinc.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 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.
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