Mitesco Announces Debt Restructuring, Advisory Board Expansion, and AI-Based Sales Automation Initiative

Mitesco Inc. (OTC:MITI) has unveiled a series of strategic moves aimed at strengthening its financial position and expanding its technological capabilities. 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 restructuring is part of a broader strategy to position the company for significant expansion in 2025.

CEO Mack Leath emphasized the company's aggressive approach to eliminating legacy liabilities, stating that debt and senior securities holders have already converted over $8 million into common stock at $4 per share. For accredited institutional investors, Mitesco is introducing a new Series A Amortizing Preferred stock, which offers flexible redemption options over the next 36 months.

In addition to financial restructuring, Mitesco has expanded its Advisory Board with two new members, bringing expertise in data center business development and data center systems software. This move is expected to accelerate gains in key accounts and enhance data center operations for the company's Centcore data services division.

Perhaps most notably, Mitesco's subsidiary, Vero Technology Ventures, has begun evaluating cloud computing solution vendors and is developing its own artificial intelligence-based application for sales automation. The new 'Robo' application aims to improve sales and marketing efficiency in specific markets through targeted market research.

These developments signal Mitesco's commitment to technological innovation and its intention to leverage AI and cloud computing to drive growth. The company's focus on restructuring its finances while simultaneously investing in new technologies and expertise positions it to potentially capitalize on emerging trends in data management and AI-driven sales processes.

For investors and industry observers, Mitesco's actions represent a significant pivot towards a more tech-focused business model. The company's efforts to clear its balance sheet while investing in cutting-edge technologies could, if successful, transform its market position and growth prospects in the coming years.

As the tech industry continues to evolve rapidly, Mitesco's strategic moves highlight the increasing importance of AI and cloud computing in driving business efficiency and growth across various sectors. The company's progress will be closely watched as an indicator of how traditional businesses can successfully integrate advanced technologies to remain competitive in an increasingly digital marketplace.