Business
Mitesco Moves Emphasis to Acquisitions & Strategic Initiatives
Mitesco Moves Emphasis to Acquisitions & Strategic Initiatives.
About this update from Mitesco, Inc.
[{"type":"text","content":"\n MINNEAPOLIS, MN, May 16, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Mitesco, Inc. (OTCQB: MITI and www.mitescoinc.com, the “Company” or “Mitesco”) today is updating its shareholders as it moves to emphasize its long-held direction to acquire healthcare related businesses, targeting predominantly technology and services. With regard to the progress of its project aimed at reshaping The Good Clinic's business operations to align with the realities of the current capital markets, it has recently disclosed incremental financing arrangements, generally with its historical investors, as noted on Form 8K filed on April 18, 2023, and it continues that process. The discussion herein is subject to the forward-looking statement as noted below. “Since inception we have been shaped as a holding company structure, with a goal to acquire, grow and ultimately, when appropriate, spin out maturing businesses to the shareholders as dividends. We will now put greater emphasis on that original goal and are looking at a number of smaller providers in the healthcare technology, services, and staffing areas that may represent excellent investing opportunities. We recognize the value of our large shareholder base, and years of experience as a public company, and we believe those attributes may prove helpful as other, less qualified groups with growth potential, seek financing alternatives,” said Larry Diamond, CEO. “The benefit to technology and services offerings is that they may require far less capital that is needed to build out a network of clinic sites, both in facility costs and in staffing overhead. Again, thinking that the capital markets may well be tight going forward, we would like to seek situations that are cash flow-oriented, and less capital intensive, to balance our operations,” explained Diamond. When asked about the clinic business unit, he commented, “As we noted late last year, The Good Clinic business was able to achieve a number of its goals during the 18 months since the beginning, including a remarkable level of client satisfaction, excellent healthcare outcomes, and rather sizable recruitment of new clients. Those are key measurements of our success, though the overall business results underperformed due to a general lack of available capital to full...