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Mitesco Continues Key Initiatives, Updates

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Mitesco, Inc. (MITI) provided an update on key initiatives, including compliance activities, capital structure evaluation, and acquisition efforts. The company is progressing towards completing its Annual Report on Form 10k, engaging a new auditor, and considering changes to its capital structure. Institutional investors are supporting the company with funding through 12-month notes. Mitesco terminated a stock option program, cancelled a reverse stock split, and adjusted restricted stock dividends to benefit common stockholders. The company is focused on protecting the interests of its shareholders and aims to increase trading volume to enhance potential returns. Additionally, Mitesco is recruiting an Advisory Board to assist in finding and evaluating acquisition candidates, with a focus on technology, service, and product businesses.
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VERO BEACH, FL, March 07, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Mitesco, Inc. (OTC:MITI, “the Company”, www.mitescoinc.com ) today provided the following update to its shareholders from recently appointed Chairman and CEO Mack Leath.

“We are making progress in our key initiatives, including full compliance with our reporting requirements, evaluating our capital structure, and reviewing various acquisition candidates.

1.   Regarding our compliance activities, we are well into the work effort to complete our Annual Report on Form 10k. Our accounting support team is reviewing the records required, and we are applying new resources. We have engaged Accell Group (http://www.theaccellgroup.com/ ) to become our auditor effective immediately. They are fully PCOAB qualified and support a number of similarly situated companies and investment funds.

2.   Our institutional investors continue to support our needs with funding through simple, 12-month notes. We are working to consider changes to our capital structure aimed at supporting the needs of all investors, and there is much work ahead before we can finalize an approach that may allow a return to historical investors and new participants as we move forward. In support of our common stock shareholders, we have a) terminated a prior approved stock option program, b) cancelled a prior approved reverse stock split, and c) adjusted the restricted stock dividends paid to our Series X Preferred shareholders in order to reduce the dividend shares, retroactive to July 2023.

As we move forward, we are making it a priority to protect the interests of our common stockholders, over 7,000 in total. As the stock regains its trading volume many of those holders may see an opportunity to increase their holdings and drive their cost basis down, allowing for a greater potential return going forward.

3.   Our acquisition efforts include the recruitment of a new Advisory Board, comprising individuals with specific subject matter expertise who may assist us in finding and evaluating qualified companies. We are considering both private and publicly held entities, using our holding company structure to grow those businesses, with a view toward a distribution of dividends to shareholders in the form of shares of those businesses when and if a spin-out becomes advantageous. We are currently casting a wide net, looking at technology, service, and product business candidates. This focus will sharpen in the second quarter, after we complete our capital structure evaluation and file our Annual Report for the year ended December 31, 2023.

All of us on the Board appreciate your continued interest and support. As shareholders and investors, we intend to make decisions that reflect the best interest of all participants.”

About Mitesco, Inc.

Mitesco ( www.mitescoinc.com ) is seeking to build a growth-oriented company, providing products, services and technology to make accessible, higher quality, and more affordable solutions. The Mitesco team has experience in both start-ups and turnarounds intent on building successful growth situations and using both organic and acquisition growth strategies. Mitesco embraces the belief that when consumers' expectations are exceeded, the business’ performance may do so as well.

Contact:
Mitesco Investor Relations
Jimmy Caplan
jimmycaplan@me.com
512.329.9505

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

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements related to the expected foreclosure of several of our clinics. Words such as “expects,” “anticipates,” “aims,” “projects,” “intends,” “plans,” “believes,” “estimates,” “seeks,” “assumes,” “may,” “should,” “could,” “would,” “foresees,” “forecasts,” “predicts,” “targets,” “commitments,” and variations of such words and similar expressions are intended to identify such forward-looking statements. We caution you that the foregoing may not include all the forward-looking statements made in this press release.

These forward-looking statements are based on the Company’s current plans, assumptions, beliefs, and expectations. Forward-looking statements are subject to the occurrence of many events outside of the Company’s control. Actual results and the timing of events may differ materially from those contemplated by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, the ability to obtain additional financing; the risk that commenced and threatened litigation may result in material judgments against the Company; and other risks and uncertainties included in the Company’s reports on Forms 10-K, 10-Q, and 8-K and in other filings the Company makes with the Securities and Exchange Commission from time to time, available at www.sec.gov.


FAQ

What updates did Mitesco, Inc. (MITI) provide to its shareholders?

Mitesco, Inc. (MITI) provided updates on compliance activities, capital structure evaluation, and acquisition efforts.

Who is the recently appointed Chairman and CEO of Mitesco, Inc. (MITI)?

Mack Leath is the recently appointed Chairman and CEO of Mitesco, Inc. (MITI).

What is the website of Mitesco, Inc. (MITI)?

The website of Mitesco, Inc. (MITI) is www.mitescoinc.com.

How is Mitesco, Inc. (MITI) working towards compliance with reporting requirements?

Mitesco, Inc. (MITI) is well into the work effort to complete its Annual Report on Form 10k and has engaged Accell Group as its auditor.

What changes did Mitesco, Inc. (MITI) make to its capital structure?

Mitesco, Inc. (MITI) is considering changes to its capital structure to support the needs of all investors.

How is Mitesco, Inc. (MITI) protecting the interests of its common stockholders?

Mitesco, Inc. (MITI) terminated a stock option program, cancelled a reverse stock split, and adjusted restricted stock dividends to benefit common stockholders.

What is the focus of Mitesco, Inc. (MITI) in terms of acquisitions?

Mitesco, Inc. (MITI) is focusing on acquiring technology, service, and product businesses, considering both private and publicly held entities.

Who is assisting Mitesco, Inc. (MITI) in finding and evaluating qualified companies for acquisition?

Mitesco, Inc. (MITI) is recruiting an Advisory Board comprising individuals with specific subject matter expertise to assist in finding and evaluating qualified companies for acquisition.

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About MITI

true nature is a development stage company focused on consolidating businesses in the compound pharmacy industry that serve both the human and veterinary markets. starting in the southeast, the company intends to acquire compounders across the us that meet their criteria and present a complementary fit to the true nature platform. mission: to unlock the potential of the compounding pharmacy industry to improve human and animal health, serve unmet patient needs, elevate the dignity of skilled pharmacists, and build shareholder value through the delivery of quality, cost effective, and innovative healthcare products and pharmaceuticals to the world. vision: to become globally recognized for our best practices focused on driving quality, efficiency and sustainability in the compounding pharmaceutical industry, natural solutions for healthy living, and novel approaches for delivery of these solutions.