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Mitesco, Inc. (symbol: MITI) is a development stage company dedicated to consolidating businesses within the compound pharmacy industry, serving human and veterinary markets. Beginning its operations in the Southeast, Mitesco aims to acquire compounders across the United States that align with its mission and vision. The company is committed to unlocking the potential of the compounding pharmacy sector to improve both human and animal health, meet unmet patient needs, enhance the dignity of skilled pharmacists, and build shareholder value through providing quality, cost-effective, and innovative healthcare products and pharmaceuticals worldwide.
Mission: To unlock the potential of the compounding pharmacy industry, improve health outcomes, and provide innovative healthcare solutions while building shareholder value.
Vision: To be globally recognized for best practices in quality, efficiency, and sustainability within the compounding pharmaceutical industry.
Recent Achievements & Current Projects:
- Full compliance with reporting requirements, including the completion of the Annual Report on Form 10-K.
- Engagement of Accell Group as their auditor to support compliance and review records effectively.
- Institutional investors' continued support through 12-month notes to secure funding needs.
- Ongoing evaluation of the company's capital structure to support both historical and new investors.
- Formation of a new Advisory Board to assist in evaluating potential acquisition candidates, including both private and publicly held entities.
- Strategic focus on technology, service, and product business candidates, with a view towards distributing dividends to shareholders from spin-outs.
Financial Condition: Mitesco is actively managing its financial structure, including the termination of a prior stock option program, cancellation of a reverse stock split, and adjustment of restricted stock dividends to protect common stockholders' interests.
Partnerships: Collaboration with Accell Group and support from institutional investors have been crucial in advancing Mitesco's key initiatives and compliance activities.
Future Prospects: With a strategy focused on both organic and acquisition growth, Mitesco aims to leverage its expertise in startups and turnarounds to create successful growth situations. The company is also exploring new initiatives in the data center market and cyber security services, intending to enter commercial, governmental, and utility markets.
Conclusion: Mitesco's dedication to providing high-quality, accessible, and affordable healthcare solutions underscores its potential to become a leading player in the compounding pharmacy industry. By focusing on quality, efficiency, and sustainability, Mitesco is positioned for long-term growth and shareholder value creation.
Mitesco (OTC:MITI) announced significant restructuring progress, having finalized over $8 million in debt and senior equity restructuring, aiming to clear all obligations by December 31, 2024. Debt holders have converted to common stock at $4 per share, with a new Series A Amortizing Preferred stock being created for accredited institutional investors. The company expanded its Advisory Board with two new professionals focusing on data center development and systems software. Through its Vero Technology Ventures subsidiary, the company is developing AI-based sales automation applications and evaluating cloud computing solutions. The Centcore data services division is progressing in market establishment.
Mitesco's Centcore Cloud Computing unit has partnered with Esri, the global leader in location intelligence, to offer advanced GIS software and geospatial support. Centcore plans to implement Esri's full Enterprise application set, including ArcGIS Server, ArcGIS Enterprise portal, ArcGIS Data Store, and ArcGIS Web Adaptor. This collaboration aims to provide GIS users with significant savings compared to in-house solutions or more expensive platforms like AWS, MS Azure, or Google Cloud.
The global GIS market, valued at $12.9 billion in 2023, is projected to grow significantly, potentially reaching $14.5-$35.5 billion by 2025-2032. Mitesco CEO Mack Leath sees this partnership as an opportunity to tap into the growing geospatial industry and improve services for clients and GIS partners. Tom Simon, owner of Synthos, , will support Centcore's efforts with his expertise in GIS services.
Mitesco Inc (OTC:MITI) has announced significant developments in its Centcore Cloud Computing business unit. The company has expanded its processing environment to include both Microsoft and Linux platforms, offering shared virtual tenancy and dedicated servers. Centcore is also quoting virtual remote backup, including video backup for facility monitoring.
The business unit has shown promising results, generating revenue in Q2 with four initial clients and receiving new client quotes weekly. Centcore offers a guaranteed cost advantage of at least 20% compared to major cloud providers like AWS, Azure, or Google Cloud. The company is focusing on developing a complete line of infrastructure-related applications, available on a pay-per-use basis.
Mitesco is pursuing partnerships with various software application providers, including ESRI, and plans to expand into civil engineering, mechanical design, and structural design applications. The company aims to offer a full suite of integrated applications for design and engineering through a 'desktop' approach, eliminating the need for workstation hardware or licenses.
Mitesco, Inc. (MITI) has expanded its Advisory Board with the addition of two professionals, Tom Simon and Chris McLoughlin, bringing expertise in infrastructure, GIS, outsourcing, and data center operations. The Advisory Board will assist in finding and evaluating companies for integration into the public holding company. Simon, owner of Synthos, , specializes in geographical information systems and has worked with key advisory firms. McLoughlin, owner of Accucom Consulting, Inc., focuses on software and systems development for the public safety sector.
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