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ORLANDO, FL/ACCESSWIRE/January 31, 2023 / Costas, Inc. (OTC PINK:CSSI) (“CSSI” or “the Company”), doing business as Standard Dental Labs Inc., reviews 2022 company milestones over the next year the appointment in December 2021 of the CEO and majority shareholder, Mr. James Brooks.
Just over two months after taking control of CSSI, in March 2022, the Company acquired certain assets of the common control entity, Standard Dental Labs (SDL). SDL’s business plan was to acquire existing dental laboratories in the private sector and then consolidate those laboratories regionally into one larger facility. The company acquired the commercial-ready business model, along with other intellectual property rights, including trade names, logos and a website.
“Industry consolidation creates economies of scale, and that can be the difference between survival and thriving in this industry,” said Brooks, chief executive of CSSI.
The purchase of certain SDL assets was completed in May 2022, reinforcing the company’s new business focus on the dental laboratory sector. Along with the completion of the acquisition of SDL, the company’s mandate became the purchase of profitable and profitable dental laboratory businesses. The dental laboratory industry is estimated to be a $10 billion market in the United States alone in 2022 (source: Grandview Research, August 2021), and continues to grow.
The business model acquired from SDL included extensive branding and a detailed business plan to facilitate the acquisition of small to medium-sized dental labs, of which there are thousands in the United States. Similar models have been widely used in the medical and dental clinic industries over the past 15 years, but dental laboratories themselves remain highly fragmented.
Also in 2022, the company established its headquarters in Orlando, Florida, which led to our August 2022 acquisition of Prime Dental Lab, the first of what the company hopes will be many such acquisitions in the region. . The acquisition of Prime Dental Lab resulted in the company’s first reported revenue in 20 years, and as the company’s plan is to continue to acquire similar labs, the company expects to see its revenue gradually increase with each new laboratory acquisition in 2023 and beyond.
In addition to reporting the company’s first earnings in the third quarter of 2022, the company engaged an independent registered public accounting firm in the fourth quarter and then filed a registration statement on Form S-1 with the Securities and Exchange Commission in December 2022. Public transparency is a cornerstone of our development plan, and will help the Company take steps to raise additional capital in 2023 to acquire additional revenue-generating dental laboratories in the United States
Our forward plans include purchasing up to 20 labs in calendar year 2023, while planning to consolidate these labs into one large owned-and-operated facility in Orlando, Florida, where the company is now headquartered. social. Management will focus on additional lab acquisitions each quarter, on a case-by-case basis, as the company strives to meet its 2023 targets.
The Company will need a strong team to achieve its objectives and is currently in the process of interviewing key candidates to expand management and the Board of Directors, with the aim of having an independent Board of Directors over the course of fiscal year 2023. leadership team, including a chief financial officer, and several individuals with experience operating and managing a dental laboratory production facility to position us for the planned opening of our first consolidated owned and operated laboratory facility.
Brooks added, “Over the past 12 months, CSSI has fundamentally changed, with new revenue-generating operations and a solid operating plan to enable rapid expansion in the dental laboratory industry. become a major competitor in the dental laboratory industry.”
About Costas:
Costas, Inc. (CSSI), now doing business as Standard Dental Labs Inc., is a company engaged in the discovery, acquisition and development of dental laboratories throughout the United States. The company plans to acquire independent labs that are looking to exit the market or may be interested in retirement. The acquisition of laboratories will be central to our growth strategy. The labs will be consolidated into a regional central lab and continue to operate, adding revenue to the company’s income statement. All North American markets with populations over one million are targeted. The company is headquartered in Orlando, Florida.
FORWARD-LOOKING STATEMENTS:
This press release and statements of representatives of Costas, Inc. (the “Company”) relating 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 facts included herein, are “forward-looking statements,” including any other statements of non-historical information. These forward-looking statements are subject to important known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as “direction”, “plans”, “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “ultimately”, or similar expressions. All forward-looking statements involve significant 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. Actual company results (including, without limitation, Costas’ ability to grow its business, generate revenues and profits, and operate as a public company) could differ materially from those indicated or anticipated in these forward-looking statements due to a variety of factors, including the factors and risks discussed in the periodic reports 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 obligation to update these forward-looking statements, except as required by law.
For more information, contact:
[email protected]
Costas company telephone number:
(321) 465-9899
THE SOURCE: Costas, Inc.
See the source version on accesswire.com:
https://www.accesswire.com/737377/Costas-Inc-Year-in-Review-2022-and-2023-Business-Strategy-Report
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