BEIJING, May 2, 2011 /PRNewswire/ -- Medical Care
Technologies Inc. (OTCBB: MDCE), an information technology
provider to the healthcare industry, today announced the signing of
a Joint Venture Master Agreement ("JV Master") with Ocean Wise
International Industrial Limited ("OWII"), a private Hong Kong investment holding company, to
partner in China's rapidly
expanding pediatric healthcare segment.
The 65-35 joint venture partnership has established ReachOut
Holdings Limited ("RHL"), incorporated in Hong Kong, in order to open and operate
pediatric health clinics throughout China.
Under the ten (10) year JV Master Agreement, Medical Care
Technologies Inc. will own a 65% controlling interest in RHL,
contributing medical software technology, technical expertise,
research and development and financial resources. In turn, OWII,
with its 35% interest, will provide the funding necessary to
establish operations, and an executive management team to negotiate
i) lease operating agreements; ii) license approval applications
with appropriate Chinese government agencies and; iii) the
operation and management of pediatric clinics.
"The potential for this unique partnership holds immense
opportunity and would translate into improved coordination and
delivery of quality pediatric care in China, which is aligned with Medical Care's
mission to improve the health of children through the prevention
and treatment of illness, disease and injury," stated Luis Kuo, Chief Operating Officer of Medical
Care.
"Medical Care shares our commitment to healthcare and
excellence, which makes them a logical partner," stated
Bei Shu, spokesperson for OWII.
"This partnership will allow us to provide a sustainable and
profitable delivery of quality healthcare to children in
China."
About Medical Care Technologies Inc.
Medical Care Technologies Inc. is traded under the symbol MDCE
on the OTCBB and is headquartered in Beijing, China. The Company's planned
products and services constitute children's health clinics and a
healthcare delivery and wellness site; dedicated to helping Chinese
consumers live healthier, more balanced lives. MDCE plans,
through a Chinese subsidiary, to develop a network of children's
health facilities in the larger urban areas throughout China. Services are geared towards the
advancing economic middle-class and upper class Chinese families.
In addition, MDCE provides advanced connectivity,
internationally standardized and secure business, technology and
information systems to assist the Chinese health industry -
physicians, pharmacists, medical institutions, consumers – access
medical resources, health services, education, and health products
throughout China. MDCE will also
distribute a diverse range of industry-leading product lines in
three segments: Medical Devices, Pharmaceuticals and
Nutriceuticals. It is the Company's goal to become a health care
leader in children's health. Information on the Company can be
found at www.sec.gov and the Company's website at
www.medicaretechinc.com.
Safe Harbor Statement
All statements contained in this press release, other than
statements of historical fact, are forward-looking statements,
including those regarding: MDCE's products, services,
capabilities, performance, opportunities, development and business
outlook, guidance on our future financial results and other
projections or measures of our future performance; the amount and
timing of the benefits expected from strategic initiatives and
acquisitions or from deployment of new or updated technologies,
products, services or applications; and other potential sources of
additional revenue. These statements are based on our current plans
and expectations and involve risks and uncertainties that could
cause actual future events or results to be different than those
described in or implied by such forward-looking statements. These
risks and uncertainties include those relating to: lack of
operating history, transitioning from a development company to an
operating company, difficulties in distinguishing MDCE's products
and services, ability to deploy MDCE's services and products,
market acceptance of our products and services; operational
difficulties relating to combining acquired companies and
businesses; our ability to form and maintain mutually beneficial
relationships with customers and strategic partners; changes in
economic, political or regulatory conditions or other trends
affecting the healthcare, Internet, information technology and
healthcare and pharmaceutical industries, and our ability to
attract and retain qualified personnel. Other risks and
uncertainties may include, but are not limited to: lack of or delay
in market acceptance and fluctuations in customer demand,
dependence on a limited number of significant customers, reliance
on third party vendors and strategic partners, ability to meet
future capital requirements on acceptable terms, continuing
uncertainty in the global economy, and compliance with federal and
state regulatory requirement. Further information
about these matters can be found in our Securities and Exchange
Commission filings. We expressly disclaim any intent or obligation
to update these forward-looking statements.
For Further Information:
Contact: Don Griffin
Tel: (480) 251-1449 Fax: (810) 222-5453
Email: don@virmmac.com
Web: www.medicaretechinc.com
SOURCE Medical Care Technologies Inc.