Mitesco, Inc. Updates Shareholders on Year-to-Date 2021 Progress
Mitesco, Inc. (OTCQB: MITI), a wellness clinic operator, reports significant progress in expanding its network of The Good Clinic™ locations. The company opened three clinics in Minneapolis and plans to operate eight by spring 2022, aiming for 50 clinics by the end of 2023. Mitesco has secured necessary funding from institutional investors and management, reflecting strong commitment to growth. However, revenue generation has been slow, though increasing client traffic and insurance partnerships are expected to boost earnings in the future.
- Opened three Good Clinics in Minneapolis, with plans for eight by spring 2022 and a goal of 50 by end of 2023.
- Secured capital from institutional investors demonstrating support for growth initiatives.
- Increased staff from three to 23, enhancing operational capacity and service quality.
- Revenue growth has been slow despite increasing client traffic.
MINNEAPOLIS, MN, Nov. 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Mitesco, Inc. (OTCQB: MITI) (“Mitesco” or the “Company”), a leading operator of wellness clinics that combines technology and personalized whole-person primary care, today provides an update of its efforts and actions as it continues to build-out the network clinics through its The Good Clinic™ (“The Good Clinic”) subsidiary.
Larry Diamond, CEO of Mitesco, said in regard to the progress that the Company has achieved in 2021, “It has been a busy year so far, and as we look at our plans ahead of us, it is important to reflect on how much progress we have made.”
In 2019 the Company entered into discussions with the team that built Minute Clinic™ (the “Minute Clinic” and previously known as Quickmedix) about a new venture aimed at comprehensive primary care for the consumer. In February 2020 Mitesco entered into a formal agreement with the team that built the Minute Clinic and began building the business plan. In September 2020 the first clinic under our “The Good Clinic” flagship brand began construction. The following are some important benchmarks achieved to date:
- The first The Good Clinic opened in February 2021, and there are now three (3) open and operating in Minneapolis.
- Upon completion of the clinics in the construction phase, we expect there will be a total of eight (8) clinics in operation by the spring of 2022. The clinics in the construction phase include: the first two (2) locations in Denver, CO and three (3) in the Minnesota’s Twin Cities metropolitan market.
- Our stated goal is to have 50 operating clinics by the end of 2023 and we remain committed to that objective.
- We have been successful finding the capital needed for our growth plans from institutional investors and our management team has contributed funding as well, demonstrating their commitment to our strategy.
Mr. Diamond reflected on the growth of the Company, noting, “At this point last year we had three employees compared with a total of 23 on staff today. We have 20 employees in The Good Clinic subsidiary, including 14 healthcare professionals, five (5) in management of the subsidiary, and a three-person senior management team at the holding company level. The quality and commitment of these professionals gives me confidence that we can become a significant player in the industry, and one with whom our clients can have confidence.”
When asked about the financial benchmarks, he commented, “While the overall market continues to be receptive to our healthcare offerings, revenue has been slow to build, the through-the-door traffic growth is picking up speed, and we expect revenues will begin showing the value of our solutions over the coming months in greater measure. Key providers in the insurance arena are adding our operations to their reimbursement roles, further showing our growing creditability in the marketplace, and increasing our reach and revenues.
“In summary, we remain laser focused on growing the business for the benefit of our customers, employees and shareholders. As a management team and company, we expect to continue to perform against our goals every day going forward. We thank all of our shareholders, and employees for their contributions.”
Investor Relations Contacts:
Brian M. Prenoveau, CFA or Brooks Hamilton
MZ Group – MZ North America
561-489-5315
MITI@mzgroup.us
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