A recently closed acquisition for Mitesco is MyCare, LLC. As pointed out by Roland Rick Perry, Managing Editor of the Biotech Stock Review, MyCare, LLC is led by the team that brought QuickMedix/Minute Clinic to scale. QuickMedix/Minute Clinic was acquired for an estimated $170 million by CVS in 2006.
CEO Larry Diamond then touched on the details of its General Solicitation Offering Under Regulation D 506(c) of the Securities Act solely to accredited investors. Learn all the details of that offing here.
Diamond stated, “As our organization has been progressing, we created a strategy to use the public market to raise capital and bring efficiencies within our holding company that for many companies are not typically available. We have the ability to provide our acquisition targets with core services such as accounting and tax guidance, digital marketing expertise, and the like. Many smaller organizations struggle under the burden of trying to get the best services possible and run their day to day operations. Using the capital markets, we are raising money to be able to acquire these companies and to provide the growth capital necessary to scale these businesses at an accelerated rate.”
Diamond went on to discuss the direction of Mitesco going forward and how the Company will follow a similar path as MTBC, Inc.Mitesco Update:
Company Announces Details of its General Solicitation Offering Under Regulation D 506(c) of the Securities Act Solely to Accredited Investors and Institutional Investors
DENVER, CO, April 27, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ? Mitesco, Inc. (MITI) (the “Company” or “Mitesco”) announced today the details of its general solicitation private placement offering (“Offering”) solely to accredited investors under Rule 506(c) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended (“Securities Act”).
The Company has engaged CIM Securities, LLC ("CIM") as the exclusive lead placement agent. CIM invites all interested broker-dealers and accredited investors interested in participating in the Offering, to contact Mr. Jack Myers at CIM Securities via email at: JMyers@cimsecurities.com or by phone at: 619-749-2460.
“The Company has several initiatives which will benefit from this funding, including the roll-out of the MyCare clinic network. The team is moving forward, and while the effort will begin in Minneapolis, 23 states are encouraging nurse practitioners to practice to the full scope of their skills and training. Those states would be primary targets for clinics in both urban and rural locations. We are including the implementation of telehealth as a part of the practice. We believe telehealth will enhance the providers’ ability to focus on consumer needs wherever and whenever they arise,” shared Larry Diamond, the CEO of the Company.
“There are technology-oriented acquisitions, both domestically and in Europe, that can be accelerated with this level of funding. It is an excellent time to be acquiring proven solutions that reduce cost, improve quality, and enhance convenience for the consumer,” explained Julie R. Smith, President & COO.
The Best Efforts Offering, which will have maximum gross proceeds of up to $15 million in Units, consists of Series A Preferred stock and Warrants for the purchase of common stock:
- The Unit for each subscriber will consist of Series A Perpetual Preferred Stock Unit priced at $25.00 per share, which pays 10% annual dividend paid monthly and is redeemable after 3 years. This is not convertible into common stock, and the Company plans to undertake its best efforts to file an S-1 within 90 days of closing and to list the shares separately from its common stock;
For each $25,000 of Series A Preferred stock purchased, the investor will receive 2,500 three (3) year investor warrants for the purchase of common stock, half (1,250) of which are exercisable at $0.15 per share, and half (1,250) of which are exercisable at $0.30 per share as warrants.
Additional details are included in the Company's Private Placement Memorandum which is available to any accredited investor by contacting CIM Securities, LLC.
This advertisement does not constitute an offer to sell nor a solicitation of an offer to purchase any securities in any jurisdiction in which such an offer or solicitation is not authorized and does not constitute an offer within any jurisdiction to any person to whom such offer would be unlawful.
Under Rule 506(c), general solicitation of offerings is permitted, however, purchasers in a Rule 506(c) offering must be "accredited investors." The SEC defines the term "accredited investor" in Rule 501(a). Generally, individuals are considered accredited investors if they have a net worth greater than $1 million (excluding their primary residence) or incomes above $200,000 in the last two years with the expectation of the same in the current year (or $300,000 with a spouse).
Our Operations and Subsidiaries: My Care, LLC, and Acelerar Healthcare Holdings, LTD.
MyCare, LLC is a wholly-owned subsidiary of Mitesco N.A. LLC, the holding company for North American operations. MyCare is building out a network of clinics using the latest telehealth technology with the nurse practitioner operating as its primary healthcare provider. It will begin in Minneapolis and expand nationwide. There are 23 states today that facilitate nurse practitioners practicing to the full scope of their skills and training. The executive team at MyCare includes several of the key executives who brought Minute Clinic (previously known as Quickmedix) to scale, which was acquired by CVS for $170 million in 2006.
Acelerar Healthcare Holdings, LTD. is the Company’s wholly-owned, Dublin, Ireland based entity for its European operations. There are several targets in Europe under evaluation and management believes cross border expansion for these new, proven healthcare technology solutions may prove a profitable opportunity.
About CIM Securities, LLC
CIM Securities (www.cimsecurities.com) is an independent investment bank that serves micro-cap and small-cap companies by providing capital raising solutions and also merger and acquisition services for companies seeking growth capital or services. CIM Securities also caters to individual investors providing comprehensive brokerage and money management solutions. CIM Securities provides institutional investors and individual investors periodic opportunities to participate in public offerings and private placements of public or private companies.
http://internetstockreview.com/mitiupdate/ True Nature Holding, Inc. DBA Mitesco, Inc. (OTCQB) is an emerging growth company
that is further refining its strategy and focusing its’ acquisitions in the healthcare technology
domain to bring together solutions and services that are disruptive and transformational. True Nature Holding, Inc. DBA Mitesco, Inc. (OTCQB) concentrates on addressing the changes
and requirements of the healthcare ecosystem essential to the globe’s shift toward population health,
healthcare consumerism, and value-based care.
Nothing in the contents transmitted on this board should be construed as an investment advisory, nor should it be used to make investment decisions.
There is no express or implied solicitation to buy or sell securities. The author(s) may have positions in the stocks or financial relationships with the company or companies discussed
and may trade in the stocks mentioned. Readers are advised to conduct their own due diligence prior to considering buying or selling any stock. All information should be considered
for information purposes only. No stock exchange has approved or disapproved of the information
Over Last 12 Months:
-Added Mr. Tom Brodmerkel to Board of Directors. Mr. Brodmerkel has extensive experience in healthcare technologies as the CEO of Wave Health Technologies.
-Complete name change from True Nature Holdings, Inc. (TNTY) to Mitesco, Inc. (MITI).
-Complete acquisition of “The Good ClinicTH”. Key leadership includes Mr. Michael Howe (CEO), Dr. Rebecca Hafner-Fogarty (CMO), Dr. Kevin Lee Smith (Chief Nurse Practitioner), and Dr. Jim “Woody” Woodburn (President & COO). These were key management for the acquisition of Minute Clinic, which were acquired by CVS in 2006.
-Established a relationship with CIM Securities, LLC as its advisor for investment banking related transactions.
-Initiated a $15 million in units for Series A Preferred stock and Warrants for the purchase of common stock. The unit will be priced at $25.00 per share, which pays 10% annual dividend paid monthly and is redeemable after three years. This is not convertible into common stock. Additionally, for each $25,000 of Series A Preferred stock purchased, the investor will receive 2,500 three (3) year investor warrants for the purchase of common stock, half (1,250) of which are exercisable at $0.15 per share, and half (1,250) of which are exercisable at $0.30 per share as warrants. -
-SmallCapVoice.com featured Larry Smith to discuss Mitesco’s business model and vision. The interview can be heard at: https://www.smallcapvoice.com/interview-mitesco-miti/.
-Added Dr. H. Faraz Naqvi to the Board of Directors. Dr. Naqvi is a senior executive with over 25 years’ experience in healthcare investment banking and asset management, is also a licensed medical professional with in-practice experience, and with telemedicine.
-Added Mr. Juan Carlos Iturregui, Esq. to the Board of Directors. Mr. Iturregui has over 28 years’ experience in business law, including extensive international work in the Caribbean, Latin America, and Europe. His professional background includes both domestic and international transactional healthcare-related activities. Also, his professionalism and knowledge led to governmental appointments to President George W. Bush and President Barack Obama’s administration.
-Mitesco, Inc. establishes a working relationship with NordHaus to place “The Good ClinicTH” in newly developed apartment complexes. NordHaus was developed and is owned by Lennar Corporation, an NYSE listed builder and developer of note. Lennar currently owns 52 similar apartment complexes in the US and is expanding annually.
-“The Good Clinic” signed two (2) letters of intent proving for the expansion to the Denver, Colorado marketplace. The new sites are inside two new multifamily developments, one known as “Citizen West” and the other known as “Radiant”. Both projects are developed by Lennar Multifamily Corporation, a subsidiary of Lennar Corporation. Both locations are set to open in 2021.
-Filed all public statements to maintain OTCQB status.
-Our current plans are for up to 50 clinics nationwide developed over the next three (3) years, assuming sufficient funding is available, for a total anticipated financing of up to $50 million, generally using or previously announced Series A Cumulative Perpetual Preferred A stock, which pays a 12% cash dividend.
-Actively looking for acquisition opportunities. The integration of existing clinics could enable the company to gain, or expand, its market presence more rapidly than previously planned.
-Close Preferred Series A Funding
Funding Video DD: Explaining how MITI operates: https://youtu.be/xjR29Dd9jvI Explaining the inside buying: https://youtu.be/bh6zY84itDM