Mitesco Continues Rollout of Clinics in Minnesota and Colorado, Company Signs Lease for Its 9th Clinic

Rhea-AI Summary

Mitesco, Inc. (OTCQB: MITI) announced the lease signing and acquisition of building permits for its seventh clinic, The Good Clinic, in Wayzata, Minnesota, scheduled to open this summer. This new location is part of a mixed-use development near Lake Minnetonka. CEO Larry Diamond highlighted plans for additional clinics in Denver and aims for 50 clinics within three years. The company believes its nurse practitioner model may provide a 25% cost advantage, with rapid expansion expected due to higher-than-anticipated patient growth and unique service offerings.

Positive

• Acquisition of leases and permits for a new clinic in Wayzata, enhancing geographical presence.
• Expansion into Denver with plans for additional clinics, reinforcing growth strategy.
• CEO's goal to reach 50 operating clinics within three years supports aggressive growth.
• Unique nurse practitioner model may provide a 25% cost advantage over competitors.
• Higher-than-expected growth in patient visits at existing clinics indicates strong market demand.

Negative

• None.

MINNEAPOLIS, MN, May 02, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Mitesco, Inc. (OTCQB: MITI), an operator of primary care clinics using a nurse practitioner model to deliver a wide range of traditional and non-traditional healthcare and wellness options, today announced it has signed a lease and acquired final building permits for its newest The Good Clinic^TM located in Wayzata, Minnesota.

The Wayzata facility, the company’s seventh clinic in the Twin Cities, is scheduled to open this summer at The Promenade. This development located on the shores of Lake Minnetonka is a mixed-use concept that combines upscale condominiums, retail stores, restaurants, a hotel, and an assisted living community.

“In addition to the Wayzata location, the Company’s eighth and ninth clinics are under construction in Denver, Colorado. They are all planned to open this summer. These facilities, as well as the Company’s recently opened fourth, fifth and sixth Minneapolis-area clinics, are expected to match or exceed the growth in patient visits achieved at The Good Clinic’s first three Minneapolis-area locations,” said Mitesco Chief Executive Officer Larry Diamond.

“We’re very excited to continue our rapid expansion,” said Mr. Diamond. “Our stated goal is to have 50 clinics operating within the next three years, and today’s news moves us closer to achieving this goal. The new locations in Denver will mark our second major metropolitan market, which we believe is one of the fastest-growing areas nationwide. We also hope to open locations in Arizona and Florida in 2023 and 2024, which we expect will speed our growth further.”

According to Mr. Diamond, this growth will likely be fueled by The Good Clinic’s unique nurse practitioner model, which management believes will give Mitesco a potential 25 percent cost advantage over the typical physician-staffed clinic. The Good Clinic’s other featured attributes such as (1) offering patients a 40-minute average exam time; (2) locating clinics at the retail level in densely populated residential buildings; (3) offering same-day and next-day appointments; and (4) providing a wide range of both traditional and non-traditional health and wellness options, are expected to allow Mitesco to rapidly differentiate itself from its competitors and grow market share at a higher than anticipated rate.

Mr. Diamond added that, concerning Mitesco's pending uplisting to Nasdaq, the Company has recently filed its updated S-1/A Securities Registration Statement and definitive proxy DEF 14C detailing shareholder actions that support the uplisting activity. This filing includes an update of executive ownership information as of December 31, 2021, consistent with the Company’s recent Form 10-K filing. The amended S-1/A and DEF 14C can be found at: https://www.mitescoinc.com/financials/sec-filings/.

For additional information about the Company, please go to www.mitescoinc.com, which features a Company overview, links to research, video interviews with team members, contact information, and the Company’s recent 10-K filing at https://www.mitescoinc.com/financials/sec-filings/.

Mitesco’s S-1A Registration Statement is also available for review on the SEC Edgar website (https://www.sec.gov/ix?doc=/Archives/edgar/data/802257/000118518522000159/miti-20210930.htm). 

A recent interview with CEO Larry Diamond: https://www.youtube.com/watch?v=PBad6A8r328&ab_channel=EmergingGrowthConference

Seeking Alpha report: https://seekingalpha.com/article/4499306-ipo-preview-mitesco-is-filling-the-void-in-primary-care

Zacks Research: https://scr.zacks.com/news/news-details/2022/MITI-A-great-start-going-into-2022/default.aspx

About Mitesco, Inc. and The Good Clinic, LLC

Mitesco is building a next-generation healthcare solution, providing healthcare services and technology, to make healthcare more accessible, higher quality, and more affordable. The Mitesco team has extensive experience in building successful growth situations within the healthcare industry, using both organic and acquisition growth strategies. Mitesco embraces that when consumers’ expectations are exceeded the business performance does so as well. Mitesco operations and subsidiaries include The Good Clinic, LLC (“The Good Clinic”) and Acelerar Healthcare Holdings Limited. The Good Clinic (www.thegoodclinic.com) is a wholly-owned subsidiary of Mitesco N.A. LLC, the holding company for North American operations. The Good Clinic is building out a network of clinics using the latest telehealth technology with a certified nurse practitioner operating as its primary healthcare provider. The executive team at The Good Clinic includes several of the key executives who brought Minute Clinic^TM (previously known as Quickmedix) to scale, which was acquired by CVS in 2006.

Contacts:

Investor Relations
Jimmy Caplan
512-329-9505
Email: jimmycaplan@me.com

Media Relations
Rick Eisenberg
917-691-8934
Email: eiscom@msn.com

FAQ

What recent developments has Mitesco, Inc. (MITI) announced?

Mitesco has announced the signing of a lease and acquisition of permits for its seventh clinic, The Good Clinic, in Wayzata, Minnesota, scheduled to open this summer.

How many clinics does Mitesco plan to open in the next three years?

Mitesco aims to have 50 clinics operating within the next three years.

What is unique about Mitesco's healthcare model?

Mitesco utilizes a nurse practitioner model that may provide a 25% cost advantage over traditional physician-staffed clinics.

In which cities is Mitesco expanding its clinic operations?

Mitesco is expanding its clinic operations into Denver, Colorado, and plans to open locations in Arizona and Florida by 2023 and 2024.

When is the Wayzata clinic expected to open?

The Wayzata clinic is scheduled to open this summer.