Cosmos Health: A Company Transformed - 2026 Year-To-Date
| METRIC | FY2025 | Q1 2026 | Q2 2026 | H1 2026 | ||
| Revenue | $65.27M (+20%) | $17.93M (+31%) | $18.99M (+28.8%) | $36.91M (+29.7%) | ||
| Adj. Gross Profit | $7.9M (+83%) | $1.85M | +58% YoY | Expanding | ||
| Total Liabilities | Improved | −$4.5M (−9.6%) | −$6.27M (−13.3%) | 550bps improvement | ||
| Stockholders' Equity | Improved | +7.6% | +12.2% | Consistent growth | ||
| Adj. EBITDA | Improving | −$229K (near breakeven) | −$1.13M (improved) | Trend up | ||
II. Strengthened Balance Sheet and Capital Structure
The most consequential financial development of 2026 is the transformation of Cosmos Health's capital structure. The Company has methodically removed meaningful dilution overhang mechanisms and, as a result, expects its share count to remain broadly stable under its existing capital structure, before accounting for the reduction from ongoing share repurchases.
- Convertible note repaid: On August 28, 2026 the Company repaid in full its $8.0 million senior secured convertible note issued to ATW in August 2025, together with all accrued interest, twelve months ahead of its August 2027 maturity. The repayment eliminates any further conversions or dilution from that instrument. Shelf registration withdrawn: The Company has withdrawn its Form S-1 and Form S-3 registration statements. No effective shelf registration or ATM offering program is in place. No structured or floorless warrants: Remaining warrants carry fixed exercise prices with no reset or ratchet provisions. In May 2026, 4,874,126 Series B warrants expired unexercised with no new shares issued, removing approximately 38% of the total warrant overhang. The next tranche of warrants carries an exercise price of $0.95 per share, significantly above the current share price. Share repurchase program: 5,112,000 shares have been repurchased for approximately $1.11 million under the $5.0 million authorization, with open market purchases ongoing. Non-core assets: ~$20M in non-core assets identified for potential monetization (real estate, digital assets, marketable securities), including $15M in real estate at fair market value and $3.1M invested in digital assets (BTC + ETH). Bitcoin holdings are currently in a gain position.
| DECEMBER 31, 2025 | JUNE 30, 2026 | CHANGE | |||
| Total liabilities | $47.05M | $40.79M | −$6.27M / −13.3% | ||
| Stockholders' equity | $18.42M | $20.67M | +$2.25M / +12.2% | ||
| Liabilities-to-assets ratio | 71.9% | 66.4% | 550 basis points improvement | ||
III. Diversified Asset Base and Digital Assets Strategy
The Company maintains a diversified asset base spanning liquid assets, digital holdings and real estate, alongside access to non-dilutive financing. Together these provide flexibility to fund the Company's next phase of growth without recourse to equity issuance. As previously stated, the Company has identified approximately $20 million in non-core assets for potential monetization that can be converted to liquidity without impacting core operations. These primarily comprise digital assets, in which over $3 million has been invested to date, and a real estate portfolio with a fair market value of approximately $15 million.
Digital Assets
Cosmos Health has built a disciplined digital asset program as a component of its treasury strategy, with initial focus on Ethereum and strategic expansion into Bitcoin:
- February 2026: $500K Bitcoin purchase - total investments in digital holdings reach $2.5M March 2026: $600K Bitcoin purchase - total investments in digital holdings reach $3.1M August 2026: Bitcoin holdings in a gain position as of the date of this release, available for opportunistic monetization
Real Estate
Beyond its liquid and digital assets, Cosmos Health owns a valuable real estate portfolio, with an independent fair market valuation placing it at approximately $15 million. The portfolio comprises the Cana Laboratories' manufacturing facility in Athens, on a land plot of approximately 54,000 square feet, and the CosmoFarm logistics center in western Athens, of approximately 29,100 square feet. Both properties are wholly owned by the Company. Management regards this as a further resource available to the Company.
European Investment Bank financing
In May 2026, Cana Laboratories entered into an advisory agreement with the European Investment Bank (EIB) for the financing of a €50 million R&D program, under which EIB financing could represent up to 50%, or €25 million, under the EIB's Venture Debt Program. This sits alongside available credit facilities and other non-dilutive financing sources that may be explored.
IV. Analyst Coverage and Valuation
On January 14, 2026, Zacks Small-Cap Research initiated analyst coverage of Cosmos Health with a $4.50 price target - representing a significant premium to where the stock has traded. The initiation cited the Company's revenue trajectory, brand portfolio and proprietary pipeline as key drivers. Analyst estimates and price targets represent the views of the issuing firm and not those of the Company.
V. Divisional Performance Snapshot
| DIVISION | 2026 KPI | KEY MILESTONES |
| CosmoFarm | >$15M / Q2 | Record Q2; $60M+ annualized run-rate. 80+ pharmacies added. AI robotic automation & inventory management deployed. LOI signed to acquire $11.5M pharmacy distribution network. |
| Cana Laboratories | 25M+ unit orderbook | All-time high contract manufacturing backlog; multi-year agreements up to 10 years. >$10M projected recurring annual profit. Verisfield: 3.9M-unit agreement. Pharmex: 2.86M-unit agreement (3 dermatological products). Provident: 385K units with new capsule production line inaugurated. Nassington and Verisfield: 253,657 additional units. EU GMP-certified. |
| Decahedron (UK) | Near 2× revenue | Nearly doubled revenue YoY in Q2 2026. Key distribution hub for UK/European markets with continued growth momentum. |
| 18 Series / NOOR | $22.7M+ proj. | Cur18TM, Liv18TM, Oliv18TM and Fort18TM launched or in production. NOOR Collagen >60% repeat rate, >50% margins. U.S. subscription model live; broader digital platform in development. DTC e-commerce + planned retail expansion. |
| Sky Premium Life | 5M+ units / Saudi | Saudi Arabia: exclusive 5-year deal with Innova Healthcare (126K initial PO, 5M+ units projected). Qatar: agreement with International Medical Company (31K initial order). UAE: third consecutive Pharmalink order (60K units, 270K cumulative). EU: all 27 Member States via Skroutz. Albania (54K+ annual units), UK and expanding. |
| C-Scrub / C-Sept | UK + hospital + animal health | C-Scrub live at Tesco (#1 UK retailer, ~30% market share) AND Superdrug (#2 health & beauty, 830+ stores). EN 12791 certification for surgical hand disinfection. C-Sept PRO gaining traction in Greek hospital groups (~72% gross margin). Veterinary C-Scrub launched into $69B animal health market (EN 1656/1657 certified). |
| CCX0722 Hydrogel | 4 patent markets | WO2025108566A1 advanced into US, EU, Australia & Canada. Mechanical satiety platform - swells more than 100-fold in the stomach with no systemic absorption. Market: $190.6B (2025) → $562B by 2033. Owned outright by Cana. No royalties, no third-party IP dependency. |
VI. UK Retail Breakthrough, New Channels and Growth Initiatives
In February 2026, Cosmos Health achieved a landmark dual placement for C-Scrub in the United Kingdom - securing listings with two of the largest retailers in the country:
- Tesco: The UK's largest retailer, holding ~30% market share and generating over $80B in annual revenue globally. Tens of millions of customers served weekly. Superdrug: The UK's second-largest beauty and health retailer, operating 830+ stores including 200+ in-store pharmacies across the UK and Republic of Ireland, plus a strong e-commerce platform.
The listing in both retailers represents a step-change in C-Scrub's UK visibility and credibility, and establishes a platform for potential rollout of additional Cosmos Health products. The Company has since extended the franchise into two additional channels:
- Hospital and surgical (April 2026): C-Scrub Wash 4% completed testing under EN 12791, the European standard for surgical hand disinfection, supporting entry into hospital, surgical and professional healthcare procurement channels. C-Sept PRO has since gained traction across leading Greek public and private hospital groups. EU expansion: C-Scrub and C-Sept reported annualized sales above $1.5 million at gross margins over 70%, with planned European expansion targeting $2.5 million in revenue in 2026, rising to $7.4 million in revenue and $5.3 million in gross profit by 2028. Animal health (June 2026): Veterinary C-Scrub Wash 4% certified under EN 1656 and EN 1657 European standards - opening the $69B global animal health market. The veterinary line extends an existing certified formulation manufactured in-house at Cana's facility.
Acquisitions
The Company is actively exploring acquisitions that could be immediately accretive and accelerate progress toward its stated guidance targets. Two letters of intent (LOI) have been signed to date:
- Pharmacy distribution network (March 2026): LOI signed to acquire a $11.5M pharmacy distribution network, further expanding CosmoFarm's reach. Doc Pharma S.A. (June 2026): LOI signed to acquire Doc Pharma S.A., an affiliated European GMP pharmaceutical manufacturer, expected to expand assets, production capacity, product portfolio and profitability.
VII. International Expansion: Saudi Arabia, Dubai, and Global Markets
Cosmos Health accelerated the international rollout of its proprietary brands during 2026, adding exclusive and long-term distribution partnerships across the Gulf while achieving full European coverage for Sky Premium Life. Each agreement is with an established distributor holding significant retail reach in its market.
Saudi Arabia (August 2026): Cosmos Health entered the Kingdom of Saudi Arabia through an exclusive five-year distribution agreement with Innova Healthcare, one of the Kingdom's largest retail pharmacy networks, operating more than 250 pharmacies with a stated plan to exceed 500. The agreement covers the full Sky Premium Life range. An initial purchase order of 126,000 units was secured on execution, with total expected volume exceeding 5 million units over the initial five-year term. Innova holds a first right of refusal on new Cosmos Health products developed or acquired during the term.
Qatar (June 2026): The Company signed a distribution agreement with International Medical Company, whose Kulud Pharmacies retail arm is the country's largest chain with more than 130 branches, securing an initial order of 31,000 Sky Premium Life units.
United Arab Emirates (April 2026): A third consecutive purchase order was received from Pharmalink for 60,000 Sky Premium Life units, taking cumulative orders to 270,000 units against a five-year goal of over 3 million units.
European Union (June 2026): Pan-European distribution was achieved for Sky Premium Life through the e-commerce platform Skroutz, making 96 products available for shipment across all 27 EU Member States.
Albania (July 2026): Pharma Cell partnership scaled to 4,500+ monthly units, with annualized orders projected to exceed 54,000 units. Products are distributed across Albania and recommended by healthcare professionals.
Dubai (February 2026): Cosmos Health showcased its expanding brand portfolio at the World Health Expo Dubai 2026, reinforcing the Company's presence in the Middle East and MENA region.
VIII. CCX0722 Hydrogel: International Patent in Four Markets
On June 25, 2026, Cana Laboratories advanced international patent application WO2025108566A1,“Hydrogel for Body Weight Management,” into the European regional phase and national phases in the United States, Australia and Canada. The IP was acquired outright from Cloudpharm on June 8, 2026 - no licensing fees, no royalty-sharing, no third-party dependency.
CCX0722 works through a simple, mechanical mechanism with no systemic absorption. Taken as a capsule before meals, the dried hydrogel absorbs water in the stomach and swells more than 100-fold into soft gel pieces that occupy stomach volume to support satiety, before naturally passing through the GI tract. The global weight management market was $190.6B in 2025 and is projected to reach $562.2B by 2033 at a 14.2% CAGR.
IX. U.S. Proprietary Brand Buildout: The 18 Series Platform
The 18 Series is Cosmos Health's portfolio of science-validated nutraceutical products, manufactured in the United States at facilities holding GMP certification and FDA registration. The following products are now in active U.S. commercial launch or production:
- Cur18TM - Patented, clinically studied curcumin formulation delivering up to 39× higher free curcumin bioavailability versus standard 95% curcuminoid extracts. U.S. commercial launch Q2 2026. Liv18TM - Clinically validated liver health supplement. Phase 1 complete; production commenced April 2026 at a GMP-certified, FDA-registered, UL-audited U.S. facility. Projected $5M+ annual revenue at ~75% gross margin. Tariff-mitigated via U.S.-based manufacturing. Oliv18TM - Whole olive polyphenol; USDA and EU organic certified; 100% solvent-free. Targeting U.S. cardiovascular and antioxidant categories. Projected $6M+ annual revenue at ~72% gross margin within 12–18 months. Fort18TM - Men's wellness supplement introduced May 2026. Projected $3.2M+ incremental annual U.S. revenue within 12–18 months. NOOR Collagen - Korean-developed premium collagen. Subscription model launched with >60% early repeat purchase rate at >50% gross margins. Projected $12M+ annualized revenue. Entering $163B global skincare market.
Combined, the 18 Series / NOOR U.S. portfolio projects over $22.7M in annualized revenue at approximately $17.0M in gross profit - structurally high-margin, DTC-led, and subscription-capable.
X. AI Strategy and Operational Infrastructure
AI has moved from strategy to execution at Cosmos Health in 2026, with deployments across commercial, logistics and research functions:
- Enterprise integration (April 2026): AI deployed across front-end order and customer management, back-end warehouse, inventory and supply chain operations, and the proprietary Cloudscreen drug repurposing platform - with the potential to reduce certain operating expenses by up to 30%. CosmoFarm automation: AI robotic automation deployed for inventory management and order fulfillment, alongside expanded facility capacity supporting an additional $40M+ in annual revenue capacity. Customer operations (June 2026): AI-powered call center agreement signed - multilingual voice, outbound campaigns and real-time reporting - to optimize order intake and customer communications. Subscription platform (July 2026): The Company is actively developing an AI-enabled digital subscription platform spanning consumer (B2C) and corporate (B2B) channels, building on the U.S. subscription launch of NOOR Collagen, which has delivered an early repeat purchase rate above 60%.
These investments underpin the operating leverage the Company expects to demonstrate as revenue scales toward $90M and beyond.
XI. 2026–2029 Financial Guidance Reaffirmed
The Company reaffirms its guidance issued May 26, 2026. H1 2026 performance is consistent with the trajectory required to achieve these targets:
| METRIC | FY2025 (actual) | 2026 (guidance) | 2027 (guidance) | 2029 (guidance) |
| Revenue | $65.3M | >$90M (+38%) | $130.7M | $200.6M |
| Gross Profit | $7.9M (12.1%) | Expanding | $36.7M | $71.2M (35.5%) |
| Net Income | Loss | Near B/E path | $8.7M | $31.0M |
| Adj. EBITDA | Improving | Improving | $16.5M | $44.2M |
| Cash | $3.5M | Stable+ | $17.3M | $62.9M |
The 32% CAGR is expected to be driven by a structural margin shift toward proprietary segments: the 18 Series (72–75% gross margins), CCX0722 licensing/co-development, and Cana contract manufacturing - alongside continued organic growth in distribution.
Management believes that achieving these targets would create significant value for shareholders, as the Company transitions to a self-funded model driven by strong cash flows.
XII. Complete 2026 Milestone Timeline
| DATE | MILESTONE |
| Jan 14 | Zacks Small-Cap Research initiates analyst coverage with $4.50 price target |
| Jan 20 | Accelerating CosmoFarm customer growth; robotic expansion supporting $40M+ additional annual revenue |
| Feb 11 | $500K Bitcoin purchase - digital asset program expanded to $2.5M total |
| Feb 17 | Cosmos Health showcases expanding brand portfolio at World Health Expo Dubai 2026 |
| Feb 18 | C-Scrub listed at Tesco, the UK's largest retailer (~30% market share) |
| Feb 18 | C-Scrub listed at Superdrug, the UK's 2nd-largest beauty & health retailer (830+ stores) |
| Feb 19 | Company highlights $15M fair market value of real estate assets |
| Mar 10 | $600K Bitcoin purchase - total digital asset holdings reach $3.1M |
| Mar 11 | LOI signed to acquire $11.5M pharmacy distribution network |
| Mar 19 | Corporate update: NOOR Collagen projected at $12M+ annualized |
| Apr 1 | C-Scrub Wash 4% completes EN 12791 testing for surgical hand disinfection |
| Apr 8 | Planned U.S. launch of Liv18TM announced |
| Apr 13 | Third consecutive Pharmalink purchase order - 60,000 Sky Premium Life units for the UAE |
| Apr 15 | FY2025 results: Record $65.27M revenue (+20%), gross profit +83%, gross margin +418bps, cash 10× to $3.5M |
| Apr 16 | Enterprise AI integration announced - potential to reduce certain operating expenses by up to 30% |
| Apr 17 | Cur18TM U.S. commercial launch announced for Q2 2026 |
| Apr 20 | Liv18TM Phase 1 complete; production commencing at GMP/FDA-registered U.S. facility - $5M+ projected at ~75% gross margin |
| Apr 30 | Cur18TM projected to contribute $2.5M+ in incremental annual U.S. revenue |
| May 6 | Fort18TM introduced, extending the 18 Series into men's wellness |
| May 11 | Fort18TM projected to contribute $3.2M+ in incremental annual U.S. revenue |
| May 12 | Registration Statement on Form S-1 withdrawn |
| May 14 | Advisory agreement signed with the European Investment Bank for a €50M R&D program (up to €25M) |
| May 21 | Q1 2026 results: Record $17.93M (+31%); liabilities −$4.5M; equity +7.6%; Adj. EBITDA near breakeven |
| May 21 | 4,874,126 Series B warrants expire unexercised - 38% of warrant overhang removed with no dilution |
| May 26 | 2026–2029 financial guidance: $90M in 2026, $200.6M by 2029 at 32% CAGR |
| Jun 1 | Veterinary C-Scrub Wash 4% launched - entry into the $69B global animal health market |
| Jun 4 | Pan-European distribution achieved for Sky Premium Life across all 27 EU Member States via Skroutz |
| Jun 4 | $20M non-core assets identified for potential monetization (real estate, digital assets, securities) |
| Jun 5 | Oliv18TM launched in the United States |
| Jun 8 | Cana Laboratories acquires CCX0722 patent application from Cloudpharm - full IP ownership consolidated |
| Jun 9 | New capsule production line inaugurated; five-year Provident agreement for 385,000 units of CERTORUN |
| Jun 10 | Three-year, 3.9M-unit contract manufacturing agreement signed with Verisfield |
| Jun 11 | LOI signed to acquire Doc Pharma S.A., an affiliated European GMP pharmaceutical manufacturer |
| Jun 12 | C-Scrub and C-Sept annualized sales exceed $1.5M at 70%+ gross margins; EU expansion targeting $7.4M revenue by 2028 |
| Jun 12 | Contract manufacturing orders totaling 253,657 units received from Nassington and Verisfield |
| Jun 15 | U.S. portfolio update: four 18 Series products with $22.7M+ projected annualized revenue at ~$17M gross profit |
| Jun 17 | Pharmex S.A. contract manufacturing agreement: 2.86M units across three dermatological products |
| Jun 17 | Entry into the $163B global skincare market - Korean collagen brand already live in the U.S. |
| Jun 18 | CosmoFarm delivers record Q2 >$15M revenue; $60M+ annualized run-rate; 80+ pharmacies added |
| Jun 22 | Cana orderbook hits all-time high of 25M+ units; >$10M recurring annual profit projected |
| Jun 23 | AI-powered call center agreement signed for CosmoFarm customer communications |
| Jun 24 | C-Sept PRO gains traction across Greek hospital groups - $1.3M+ annualized at ~72% gross margin |
| Jun 25 | International patent application WO2025108566A1 advanced into US, EU, Australia and Canada |
| Jun 26 | Distribution agreement signed with International Medical Company for Qatar - 31,000-unit initial order |
| Jun 30 | Board authorizes $5.0M share repurchase program |
| Jul 7 | Preliminary Q2 record revenue ~$19.4M; 3.64M shares repurchased under $5M buyback |
| Jul 10 | Subscription model launched with NOOR Collagen - >60% repeat purchase rate, >50% gross margins |
| Jul 13 | Agreement signed with Libytec to commercialize DIABIT-IS X in Greece |
| Jul 17 | Buyback reaches 5.11M shares repurchased for ~$1.11M; open market purchases ongoing |
| Jul 20 | Albania expansion: Pharma Cell partnership scaled to 4,500+ monthly units, 54K+ annually |
| Jul 27 | AI-enabled digital subscription platform announced across B2C and B2B channels |
| Aug 19 | Q2 2026 results confirmed: $18.99M (+28.8%); H1 $36.91M (+29.7%); adj. gross profit +58% |
| Aug 20 | Saudi Arabia entry: exclusive 5-year deal with Innova Healthcare; 126K initial PO; 5M+ units projected |
| Aug 24 | Oliv18TM projected to generate $6M+ annual U.S. revenue at ~72% gross margin within 12–18 months |
| Aug 28 | $8M ATW convertible note retired 12 months ahead of maturity; no further dilution |
Management Commentary
Greg Siokas, CEO of Cosmos Health, stated:“This is a different company than it was twelve months ago. We have retired $8 million of debt a full year early. We repurchased more than five million shares. We delivered record revenue in every reporting period. We placed C-Scrub in Tesco and Superdrug. We entered Saudi Arabia with a five-year exclusive distribution agreement. We filed our hydrogel patent across four global markets. We launched proprietary U.S. brands. And we did all of this while cutting our cash burn by more than 30%.
“Every pillar of our strategy is delivering. CosmoFarm is growing its pharmacy network and deploying AI. Cana has its biggest contract manufacturing orderbook in history. Decahedron nearly doubled its UK revenue. Our proprietary brands are gaining real commercial traction.
“We enter the second half of 2026 with a solid balance sheet and a streamlined capital structure, growing revenue across every division, and a clear path to $200 million in revenue and significant profitability by 2029. Cosmos is not a promise. It is performance.”
About Cosmos Health Inc.
Cosmos Health Inc. (NASDAQ: COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life®, Mediterranation®, bio-bebe®, C-Sept® and C-Scrub®. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at , , , , , as well as LinkedIn and X.
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. Words such as“believes,”“expects,”“anticipates,”“intends,”“projects,”“estimates,”“plans,” and similar expressions, or future or conditional verbs such as“will,”“should,”“would,”“may,” and“could,” generally identify forward-looking statements, although not all forward-looking statements contain these words. These statements involve risks and uncertainties that may individually or materially affect the matters discussed herein for a variety of reasons outside the Company's control, including, but not limited to: the Company's ability to raise sufficient financing to implement its business plan; the effectiveness of its digital asset strategies, including accumulation and yield-generating activities; the impact of the war in Ukraine and ongoing conflicts in the Middle East and other regions on the Company's business, operations, and the economy in general; the Company's ability to successfully develop and commercialize its proprietary products and technologies; changes in interest rates; changes in foreign currency exchange rates, commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges and of adopting certain accounting standards; the impact of legal and regulatory changes, including changes to tax laws and regulations; guidance for fiscal 2026 and beyond and financial outlook. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties – many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us – as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described from time to time in our periodic reports filed with the SEC and available at the SEC's website ( ). There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.
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