Mitesco begins new data center, infrastructure initiative

Mack Leath, Chairman of the Board of Directors, provided the following update: “The year-end results are now complete, and while it was clearly a year focused on winding down the Company’s healthcare subsidiary, “The Good Clinic,” we also set the stage for new initiatives aimed at businesses that may find greater growth opportunities going forward. Our recently appointed Advisory Board staff has identified significant market entry points, with our first efforts beginning today, as noted below: This week marks a new beginning for the Company as we embark on an initiative using technology to address key infrastructure needs through data center services and application-specific software and staffing. Industry sources suggest that revenue in the data center market is projected to reach US$99.16bn in 2024, and that network infrastructure dominates the market with a projected market volume of US$42.87bn in 2024. Key data center trends of note include: expanded power and cooling needs, including new liquid cooling technologies; learning systems driving the increased need for greater access and bandwidth; and edge and cloud computing with highly secure and reliable network access. These needs drive new demand for power generation, both standalone and through optimized power grids. Smaller communities and utilities will be impacted, and their base of customers on whom they rely for revenue will drive them to invest quickly to meet demand. We believe all of these trends create opportunities for new initiatives. We intend to focus on markets that require highly secure network access and data security, both commercial and within the municipal and utilities markets. Smaller providers are being pressured to increase their security in defense of malicious actors, while at the same time increase monitoring capabilities at their facilities. Many of these providers do not have the in-house resources to facilitate staffing and systems. We therefore believe that offering outsourcing of both traditional systems and next generation cyber security may be an excellent entry point for this market. We are adding additional staff to our Advisory Board that includes senior executives who have spent their careers serving the commercial, governmental, and utility markets through Geographical Information Systems, law enforcement, and land planning and development software. This expertise should allow us to rapidly enter the market with minimal capital and create near immediate accretive results. We are continuing to reduce the overhang from previous investments in the healthcare arena. We have reduced the liabilities from previous facilities by 80% in some cases and have plans in development to preserve the investment of our common stock shareholders while allowing previous institutional investments to participate going forward.”