Mitesco, Inc. (OTC:MITI) has unveiled a series of strategic initiatives aimed at strengthening its financial position and accelerating growth in the coming year. The company has successfully restructured over $8 million in debt and senior equity, with plans to eliminate virtually all obligations by the end of 2024. This financial overhaul is complemented by the expansion of its Advisory Board and the development of artificial intelligence (AI) based sales automation software.
CEO Mack Leath emphasized the company’s aggressive approach to eliminating legacy liabilities, stating, ‘We are working aggressively to eliminate all of our legacy liabilities before year-end to reduce our costs and position the company for meaningful expansion in 2025.’ The restructuring process has seen holders of over $8 million in debt and senior securities convert their holdings into common stock at $4 per share. Mitesco anticipates that the majority of remaining liabilities will follow suit in the coming weeks.
For accredited institutional investors, Mitesco is introducing a new Series A Amortizing Preferred stock. This financial instrument bears no interest and provides options for redemption with cash, restricted common stock, or conversion over the next 36 months. These investors, who have supported Mitesco’s rebuilding efforts throughout fiscal year 2024, are expected to play a crucial role in strengthening the company’s future business plans.
In addition to financial restructuring, Mitesco has bolstered its Advisory Board with two new appointments, focusing on data center expertise. Gabriel Crawford, with over 20 years of experience in data center development, and Jim Clifton, a senior sales and marketing executive specializing in systems software and data analytics, have joined the board. Each new member has been issued 75,000 shares of restricted common stock for their 12-month term contributions.
The company’s Centcore data services division (www.centcoreusa.com) is reported to be making progress in establishing its market presence. With the newly appointed directors, Mitesco expects to accelerate gains in key accounts and enhance data center operations.
Mitesco’s newly-formed Vero Technology Ventures subsidiary is actively exploring opportunities in cloud computing solutions and developing its own AI-based applications. The company has introduced a new ‘Robo’ application that leverages AI to enhance sales and marketing efficiency in targeted markets. This initiative demonstrates Mitesco’s commitment to integrating cutting-edge technology into its business model.
The strategic moves announced by Mitesco reflect a comprehensive approach to corporate restructuring and technological advancement. By addressing financial liabilities, strengthening its advisory team with industry experts, and investing in AI-driven solutions, Mitesco is positioning itself for potential growth and innovation in the rapidly evolving tech landscape.
As Mitesco continues to evolve its business model, focusing on providing products, services, and technology to corporate clients, these latest developments signal a significant shift towards a more robust and technologically advanced company structure. The success of these initiatives could have far-reaching implications for Mitesco’s market position and its ability to deliver value to both clients and shareholders in the coming years.
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