Costas Reports 2022 3rd Quarter Revenue and Exit from Shell Status
ORLANDO, FL / ACCESSWIRE / November 30, 2022 / Costas, Inc. (OTC PINK:CSSI) ("CSSI" or "the Company"), doing business as Standard Dental Labs Inc., reports that it has recorded 3rd quarter gross revenues of $44,770 in its most recent quarterly …
ORLANDO, FL / ACCESSWIRE / November 30, 2022 / Costas, Inc. (OTC PINK:CSSI) ("CSSI" or "the Company"), doing business as Standard Dental Labs Inc., reports that it has recorded 3rd quarter gross revenues of $44,770 in its most recent quarterly financial report. The third quarter revenues are the result of the recent acquisition of operating assets, including customer contracts and lab equipment, from Prime Dental Labs with an effective date of September 1, 2022. The reported revenues are the Company's first recorded revenues under new management from planned dental lab acquisitions and operations.
Now that Standard Dental Labs expects to report ongoing monthly revenue, the Company has also filed a supplemental notice to shareholders notifying them that the Company is no longer a "Shell Company", as defined under Rule 405 of the US Securities Act of 1933 ("Rule 405"). The removal of the "Shell" symbol on the OTCMarkets landing page, once removed by OTCMarkets, will be a significant milestone for Costas, Inc., and evidence of the Company's continuing effort to improve corporate governance and disclosure compliance for shareholders. The determination to remove Shell status is at the sole discretion of OTCMarkets, and is not an indicator of any compliance issues.
The Company will continue to make efforts to acquire more dental labs in the Orlando, Florida region, with the goal of consolidating those labs into one, larger location where we will be able to capitalize on the economies of scale and joint experience.
In 2022, the dental lab industry is estimated to be a $10B market in the US (source: Grand View Research, Aug. 2021) and continues to grow. Therefore, consolidation within the industry, represented by 7,000+ privately owned businesses, is the Company's focus. In the process, the Company will be positioning itself as a leader in setting new standards for the dental lab industry. It expects to continue identifying suitable acquisitions in the coming weeks and months, focusing on becoming one of the largest operators in the industry.
Costas, Inc. (CSSI), now doing business as Standard Dental Labs Inc., is a company engaged in discovering, acquiring, and developing dental labs throughout the United States. The Company plans to acquire independent labs looking to exit the market or who may be interested in retirement. Acquiring labs will be the focus of our growth strategy. Labs will be consolidated into one regionally central lab, and continue to operate, adding revenue to the company's income statement. All North American markets with populations over 1 million are targets. The company is headquartered in Orlando, Florida.
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.
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SOURCE: Costas, Inc.
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The Costas Stock currently trades with a raise of +31,82 % to 0,015USD on the Nasdaq OTC stock exchange.