Business
Update: Mitesco, Inc. Continues on Uplist Path, Evaluates Potential Joint Venture and Alternative Funding Opportunities for The Good Clinic Business
Update: Mitesco, Inc. Continues on Uplist Path, Evaluates Potential Joint Venture and Alternative Funding Opportunities for The Good Clinic Business.
About this update from Mitesco, Inc.
[{"type":"text","content":"\n Minneapolis, MN, Dec. 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire  -- Mitesco, Inc. (OTCQB:MITID and www.mitescoinc.com, the “Company” or “Mitesco”) today discusses its recent actions to support its planned uplist to Nasdaq, and certain adjustments to its “The Good Clinic” business operations including the possibility of direct investments into the wholly owned subsidiary, or a joint venture. “During the last few weeks, we have taken the opportunity to evaluate the business operations of The Good Clinic, LLC (the “Good Clinic”) business unit with a view toward increased efficiency and reduced reliance on capital injections from the public holding company, Mitesco. We believe we have achieved ‘proof of concept’ with clients giving us very high ratings on the quality of our services as indicated in client reviews on Google and ZocDoc, with almost 400 reviews where we are rated between 4.9 and 5 out of a possible rating of 5. However, because we are not cash flow positive and, given the current status of the equity markets, we must now adjust our plans to make that a near-term priority.  “During the next few weeks, we intend to adjust our services offerings, staffing, and overhead, as well as our marketing plans such that we may achieve profitability for this business unit. We are also evaluating relationships with insurance-oriented providers that have a need for captive clinic operations and we may accept investment in Good Clinic  in either a straight equity infusion in a ‘joint-venture’ oriented approach or through a debt facility that would allow the Good Clinic business to grow without the same level of funding from the publicly held parent organization,” explained Larry Diamond, CEO. As the Company evaluates potential partnerships it is considerate of the need to support the insurance providers unique to each local market. As such, going forward, it intends to seek a relationship with a supporting partner in each market before embarking on a buildout in that marketplace. In doing so it believes it will be able to achieve profitable operations more rapidly through access to an incumbent client base that an insurance provider may bring when compared to a fully independent approac...