Mitesco Provides Shareholder Update

VERO BEACH, FL, Feb. 15, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire - Mitesco, Inc. (OTC:MITI, “the Company”, www.mitescoinc.com) today provided the following Company update to its shareholders from recently appointed Chairman and CEO Mack Leath. 

“First, let me thank all shareholders who continue to remain interested in our Company. Our new team is working diligently to address Mitesco’s most immediate needs, while with equal intensity developing a longer-term view. Let me share these updates:

A)    We have undertaken the task of restructuring our operations, financials and capital structure to create an environment suitable for growth through acquisition, and to support funding needs going forward. It is important to note that we are fully reporting again and intend on maintaining full compliance at all times.

B)    Over the last three (3) years we have had the benefit of over $10 million of investment from institutional investors, management and friends of the Company. While well intended, and with some important results to note, our clinic subsidiary, “The Good Clinic, LLC”, was not profitable and did not have the likelihood of near-term success. During the same period other players in that space faced similar results, having invested billions of dollars with a view that scale would ultimately deliver profitability. While the shuttering of our subsidiary has been painful, it was the correct business decision.

C)   Our most valuable asset is our shareholder base, over 7,000 strong, that has supported the Company and its endeavors for years. We respect them and intend to move swiftly to create a business situation that will provide a return to all of our shareholders and investors.

We are in the process of settling any remaining litigation from the closure of the clinic subsidiary and hope to have all matters resolved within the next few weeks. The Form 10Q we filed this week reflects “discontinued operations” accounting for that subsidiary, and we have no intention of returning to that business area. With continued cooperation from the creditors involved we hope to close the books on that business within this quarter, allowing us to move forward into other endeavors.

As we look forward we have a number of interesting acquisition targets to evaluate and will be working with our institutional investors and banking relationships to create a capital structure that provides a suitable situation for continued investment.