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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 (OTCQB: MITID) announced its plan for an uplist to Nasdaq, including a potential reverse stock split of up to 4:1 to meet listing requirements. The company is focusing on improving its subsidiary, The Good Clinic, which has high client satisfaction ratings but is not yet cash flow positive. Mitesco aims to adjust services and staffing to achieve profitability and is exploring partnerships with insurance providers for growth without relying heavily on public capital. The company is committed to operational efficiency amidst challenging equity markets.
Mitesco (OTCQB: MITI) is taking steps to support its upcoming Nasdaq uplist, including evaluating its subsidiary, The Good Clinic, for improved efficiency and reduced reliance on public capital. Despite high client ratings (4.9-5 out of 5), The Good Clinic is not cash flow positive. Mitesco plans service adjustments and potential joint ventures to achieve profitability. Additionally, the company has filed for shareholder approval for a reverse stock split of up to 4:1 to meet Nasdaq requirements.
Mitesco, Inc. (OTCQB: MITI) announced a 50:1 reverse stock split effective December 9, 2022, approved by shareholders. This move aims to enhance the company’s stock price in preparation for uplisting to the NASDAQ. Post-split, the company will have approximately 4.5 million shares outstanding, with authorized shares remaining at 500 million. CEO Larry Diamond emphasized aligning interests with shareholders and restructuring debt into equity to meet listing requirements. Additional amendments to bylaws support compliance with NASDAQ rules.
Mitesco, Inc. (OTCQB: MITI) received the "Blazer Award" in the health and wellness category at Minne Inno's 2022 Fire Awards. This award recognizes innovation, community impact, and growth, with Mitesco's The Good Clinic being praised for enhancing healthcare quality and accessibility. Within 12 months, The Good Clinic expanded from one to six locations, demonstrating strong community support. CEO Larry Diamond emphasized the unique model prioritizing whole-person care and convenience, confirming the company's commitment to improving client healthcare experiences.
Mitesco, Inc. (OTCQB: MITI) has appointed Tom Brodmerkel as CFO, effective immediately. Brodmerkel has an extensive background in financial management, having served as Chair of the Board since April 2020 and involved with the company since 2020. He replaces Phillip Keller, who resigned on June 12, 2022, for personal reasons. Keller will assist in the transition as a consultant. CEO Larry Diamond emphasized Brodmerkel's experience supporting the company's financial reporting and strategic plans, including the upcoming Nasdaq uplist.
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.
Mitesco, Inc. (OTCQB: MITI) announced that CEO Larry Diamond will present at the Emerging Growth Conference on April 13, 2022, at 12:15 PM Eastern. The presentation will cover the company’s recent progress and plans for expanding and uplisting to Nasdaq, followed by a Q&A session. Interested parties can register for the live event at EmergingGrowth.com.
Mitesco, Inc. (OTCQB: MITI) reported a significant increase in its net loss for 2021, amounting to $11.2 million, or $(.06) per share, on revenue of $116,000, up from a loss of $2.9 million in 2020. The revenue stemmed from three new clinics opened during the year. Operating expenses rose by $3.5 million, influenced by increased Preferred Stock dividends. Despite challenges, the company plans to open 14 to 20 additional clinics in 2022, aiming for breakeven in Minnesota by year-end 2023. Cash on hand improved to $1.2 million, with a successful focus on expanding its clinic network.
Mitesco, Inc. (OTCQB: MITI) will host a shareholder update conference call on March 8, 2022, at 4:15 p.m. ET, led by CEO Larry Diamond. The call will cover the company's expansion plans, the intention to uplist to Nasdaq, and increased activity in existing clinics. Participants can join via a webcast link or by dialing in. A replay will be available until March 22, 2022. Mitesco aims to enhance healthcare accessibility through its subsidiary, The Good Clinic, utilizing a nurse practitioner model.
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