Mitesco provides shareholder update on restructuring, expands advisory board

Mitesco (MITI) has finalized over $8 million in the restructuring of its debt and senior equity, with a goal to extinguish virtually all obligations by December 31, 2024. It also announced it has added two additional professionals to its recently formed Advisory Board. Lastly, its Vero Technology Ventures arm has begun evaluation of both existing cloud computing solutions providers, and its own A.I.-based application aimed at sales automation. “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,” said Mitesco CEO Mack Leath. “Already, holders of over $8 million in debt and senior securities have converted into common stock at $4 per share, and we expect a majority of the remaining liabilities to follow over the next few weeks. For our accredited institutional investors, we are creating a new Series A Amortizing Preferred stock which bears no interest and provides for redemption with cash or restricted common stock, or conversion, over the next 36 months. These same investors have provided the funding during FY2024 for our rebuilding process, and their continued support will help to strengthen our business plans going forward. Our data center business is making progress establishing itself in the market, and with our two newly appointed directors we expect to accelerate gains in key accounts, and in the data center operations as well. Our Vero Technology Ventures arm is actively reviewing potential early-stage cloud computing solution vendors and is developing its own artificial intelligence based application set. The new ‘Robo’ application utilizes A.I. to promote more efficient sales and marketing within certain markets, and with highly targeted market research.” The latest appointments to the Advisory Board are executives whose careers have focused on data center business development and data center systems software, as noted here: Gabriel Crawford has over 20 years’ experience in data center development from site selection, design/ build/ engineering services, and, most recently, hyperscale and AI co-location leasing. Most recently, Mr. Crawford was at Dallas-based Center Square DC, which specializes in delivering a comprehensive suite of colocation and data center services with more than 50 data centers owned and operated. Jim Clifton is a senior sales and marketing executive focused on systems software, data analytics and innovative implementation to improve productivity across corporations and workforces worldwide. Most recently, Mr. Clifton drove sales at Alteryx.