Costas, Inc. Engages Independent Registered Public Accounting Firm, Progressing Corporate Roadmap

Rhea-AI Summary

Costas, Inc. (CSSI) has engaged an Independent Registered Public Accounting Firm to audit its financial results for the fiscal years 2021 and 2020, and for the six-month interim periods ending June 30, 2022, and 2021. This follows the recent agreement to acquire Prime Dental Lab LLC's assets. The audits will adhere to US GAAP, focusing on revenue recognition. The company aims to become a fully reporting issuer with the SEC and plans to complete audits to file a Form S-1 Registration. The dental lab market is expected to grow to $43.5 billion by 2028, presenting acquisition opportunities for CSSI.

Positive

• Engaged an Independent Registered Public Accounting Firm for financial audits.
• Acquisition of Prime Dental Lab LLC expected to enhance revenue generation.
• Plans to file a Form S-1 Registration with the SEC to become a fully reporting issuer.
• Targeting OTCQB listing, enhancing visibility and credibility in the market.
• Market research indicates significant growth opportunities within the dental laboratory sector.

Negative

• The ability to advance business and generate revenue remains uncertain.
• Forward-looking statements involve risks that could materially affect results.

ORLANDO, FL / ACCESSWIRE / August 24, 2022 / Costas, Inc. (OTC PINK:CSSI), Costas, Inc. ("CSSI" or "the Company"). About COSTAS (CSSI): http://www.otcmarkets.com/stock/CSSI/profile.

COSTAS, INC. is a publicly traded company listed on OTCMarkets under the trading symbol 'CSSI'. The Company is pleased to report that it has recently engaged an Independent Registered Public Accounting Firm to audit the financial results for Costas, Inc. (OTCMKTS: CSSI) and Prime Dental Lab LLC. for the most recent two fiscal years ended December 31, 2021 and 2020, and the six-month comparative interim periods ended June 30, 2022 and 2021. As previously announced, on August 15, 2022, Costas entered into an agreement to purchase the assets of Prime Dental Lab LLC, including its client base and revenue (the "Asset Purchase Agreement").

The Independent PCAOB Registered Public Accounting Firm will audit both companies according to US GAAP; including a review of revenue recognition policies in accordance with ASC 606.

The objective for Costas is to become a fully reporting issuer with a class of securities registered with the Securities and Exchange Commission ("SEC"), while substantially growing revenue generating operations via the acquisition of central labs with existing manufacturing capabilities. The Company expects to complete the audits and file a Form S-1 Registration with the SEC. Within the next few months, CSSI hopes to be listed on the OTCQB and maintain business as a fully reporting issuer.

Completing this process will further empower the Company to acquire similar dental labs, and consolidate regionally throughout the United States. Market research published by Research and Markets anticipates the global dental laboratories market to reach USD 43.5 billion by 2028 and is expected to expand at a CAGR of 5.5%. "…the dental laboratory market is highly fragmented and is anticipated to witness significant merger and acquisition activity from both large dental service organizations and private equity firms." (Research and Markets, 2021). CSSI will continue to manage market growth operating as Standard Dental Labs, and will continue its focus on consolidating qualified dental lab businesses.

About Costas: https://costas-inc.com/about-us

FORWARD LOOKING STATEMENTS:

This press release and the statements of representatives of Costas, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, Costas' ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with OTC Markets (Pink Sheets). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.

For further information contact:

admin@costas-inc.com
Costas Corporate Phone Number:
(321) 465-9899

Research and Markets. (2021, December 01). Global $43.5 Billion Dental Laboratories (Restorative, Implant, Oral Care) Markets to 2028: Market is Highly Fragmented and is Anticipated to Witness a Significant Merger and Acquisition Activity [Press release].

SOURCE: Costas, Inc.

View source version on accesswire.com:
https://www.accesswire.com/713285/Costas-Inc-Engages-Independent-Registered-Public-Accounting-Firm-Progressing-Corporate-Roadmap

FAQ

What is the latest update from Costas, Inc. (CSSI)?

Costas, Inc. has engaged an Independent Registered Public Accounting Firm to audit its financials as part of its growth strategy, including the acquisition of Prime Dental Lab LLC.

When does Costas, Inc. plan to file its SEC registration?

Costas, Inc. expects to complete the audits and file a Form S-1 Registration with the SEC within the next few months.

What market growth is anticipated for the dental laboratory industry?

The global dental laboratories market is projected to reach $43.5 billion by 2028, growing at a CAGR of 5.5%.

What are the risks associated with Costas, Inc.'s growth strategy?

The company's ability to successfully advance its business and achieve revenue growth involves significant known and unknown risks.

What is the significance of the audit for CSSI?

The audit will help CSSI comply with US GAAP and support its goal of becoming a fully reporting issuer, enhancing credibility.