Cosmos Health Expects to Acquire ZipDoctor, Inc., a Telehealth Company, from American International Holdings Corp.

Rhea-AI Summary

Cosmos Health Inc. (Nasdaq: COSM) has entered the final stages of acquiring ZipDoctor Inc., a telemedicine platform, from American International Holdings Corp.. This acquisition aims to enhance Cosmos Health's portfolio by providing 24/7 access to healthcare professionals through a subscription model. ZipDoctor will serve U.S. customers with both English and Spanish virtual visits. The U.S. telehealth market is projected to grow significantly, from $23.8 billion in 2021 to $309.9 billion by 2030, with a CAGR of 45.1%. The acquisition aligns with Cosmos' strategy to expand its healthcare services, particularly in telehealth.

Positive

• Acquisition of ZipDoctor strengthens Cosmos Health's telehealth offerings.
• Entry into a rapidly growing telehealth market, projected to reach $309.9 billion by 2030.
• Expansion into mental health services and specialized medical treatments.

Negative

• None.

CHICAGO, IL / ACCESSWIRE / March 3, 2023 / Cosmos Health Inc. ("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 concluded its due diligence and is in the process of preparing the definitive documentation to complete the acquisition of ZipDoctor Inc. from American International Holdings Corp (AMIH).

ZipDoctor Inc., a wholly owned subsidiary of American International Holdings Corp. (AMIH), 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.co 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 extremely pleased to welcome ZipDoctor to Cosmos Heath's family of companies. We would like to thank Jacob Cohen for his complete cooperation as we conducted our due diligence to be able to soon close this transaction. The telehealth industry is set for strong growth, and we believe that ZipDoctor, with the proper investment from Cosmos, can become a significant player in the space. Furthermore, we intend to expand on ZipDoctor's current primary care and mental health service offerings to include the ability to speak to a doctor to seek additional medical treatments related to and including men's and women's health and wellness issues, weight loss and other similar treatments."

Jacob Cohen, Director of American International Holdings Corp. stated: "We are excited to be transitioning from the due diligence process into the closing process of the transaction with the seasoned professionals at Cosmos. We are confident that Cosmos' experience in successfully developing and operating healthcare and wellness related businesses will serve as a powerful recipe for ZipDoctor's future success."

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.

Forward-Looking Statements

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
Ben Shamsian
E: shamsian@lythampartners.com
P: 646-829-9701

SOURCE: Cosmos Health Inc.

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https://www.accesswire.com/741867/Cosmos-Health-Expects-to-Acquire-ZipDoctor-Inc-a-Telehealth-Company-from-American-International-Holdings-Corp

FAQ

What is the significance of Cosmos Health acquiring ZipDoctor?

The acquisition enhances Cosmos Health's service portfolio, particularly in telemedicine, aligning with the growing demand in this sector.

When is Cosmos Health expected to complete the acquisition of ZipDoctor?

Cosmos Health is currently preparing definitive documentation to finalize the acquisition soon.

How does the acquisition affect Cosmos Health's market position?

By acquiring ZipDoctor, Cosmos Health positions itself in the expanding telehealth market, potentially increasing its revenue opportunities.

What services will ZipDoctor offer after the acquisition?

ZipDoctor will provide 24/7 access to board-certified physicians and mental health professionals through a subscription-based model.

What is the growth forecast for the telehealth market in the U.S.?

The telehealth market in the U.S. is expected to grow from $23.8 billion in 2021 to $309.9 billion by 2030, reflecting a CAGR of 45.1%.