BEIJING, June 9, 2011 /PRNewswire/ -- Medical Care
Technologies Inc. (OTCBB: MDCE), a growing children's
healthcare service provider, is pleased to announce today that it
has secured its final funding round for license application
approval in the City of Dongguan,
China.
Medical Care Technologies Inc. has raised a total of
approximately US $300,000 from a new
group of private investors. This funding will see the Company
through to the approval of the license application for the
operation of its pediatric health and wellness center. Of the
total amount raised, approximately US $150,000 will be invested directly into the
health center project. In addition, Management is set to close
discussions for the provision of a US $2,000,000 three-year construction loan bearing
all-in, fixed interest of 3.95% with a major national bank in
China within the next thirty
days.
With financing in place, construction on the new health care
facility is set to begin this summer. Management anticipates the
facility to open substantially ahead of its spring 2012 schedule
and cash flow in the fourth quarter of the current year.
"We are pleased to have the new shareholders supporting our
important mission. The amount of new funding and the quality of the
investors reflects Medical Care's ability to balance important
social goals while maintaining the required private sector
returns," stated Luis Kuo, Chief
Operations Officer of Medical Care Technologies Inc.
"I am delighted that our license application is now fully funded
and we are now working towards a firm launch date. This news means
that we are now truly set to open business – our shareholders can
be assured that Medical Care Technologies Inc. is a reality. We
look forward to the next few months up to launch when we will be
able to see a lot of hard work come to fruition," said Ning Wu, Chief Executive Officer of Medical Care
Technologies Inc.
About Medical Care Technologies Inc.
Medical Care Technologies Inc. is traded under the symbol MDCE
on the OTCBB and is headquartered in Beijing, China. MDCE, through joint
ventures or Chinese subsidiaries, develops 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.
Specializing in the care of children between the ages of 3 to 16,
MDCE's role is to enhance the overall well-being of the family and
community and to expand its pediatric services to include
preventative health and wellness education. MDCE, through its
children's health facilities, will also distribute a diverse range
of industry-leading pharmaceutical and nutraceutical product lines.
MDCE's main mission is simple – to become a healthcare service
provider 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.