BEIJING, April 30, 2012 /PRNewswire/ -- Medical Care
Technologies Inc. (OTCBB: MDCE), a growing children's
healthcare service provider, is extremely pleased to announce that
it has received a Reserve Equity Financing of US$10,000,000 over a term of 4 years.
The Reserve Equity Financing ("REF") with AGS Capital Group,
LLC, is a comprehensive financing solution that will provide direct
investment capital of up to $10
million without putting undue stress upon the Company's
share capital structure. It is an inexpensive and flexible
financing strategy in which the Company controls the amount of any
advance and its timing – the how and when, therefore, regulating
and minimizing any potential impairment to its share structure.
"We believe this funding will provide us with the flexibility
needed to expand our business," said Luis
Kuo, Chief Operating Officer. "As the demand in China to implement our business model and to
expand our children's health centers to other locations has been
overwhelming, securing the right financing will give us the ability
to manage both the long-term growth of the Company and shareholder
value."
Ning Wu, Chief Executive Officer,
stated, "We are excited to be entering into a relationship with a
strong financial partner. It took research and many months to come
to what we believe will turn the tides for Medical Care
Technologies Inc. This type of financing will allow us to
grow, concentrating our efforts on developing, building and
staffing of children's health centers without the constant pressure
of financing."
"We believe that there is a tremendous market in China for the services that Medical Care
Technologies Inc. provides and see significant growth for the
company during the next year," says Allen
Silberstein, Chief Investment Officer of AGS Capital
Group.
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.
About AGS Capital Group, LLC
AGS Capital Group provides flexible equity financing
solutions for growth-stage and mid cap public companies as well as
private companies looking to go public. AGS Capital Group invests
in public companies around the world listed on most
exchanges. AGS Capital Group performs fundamental analysis
including credit risk, technical analysis of market trends and
industry, evaluation of management team experience and corporate
structure evaluation. Additional information may be found at
www.agscapitalgroup.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:
Candy Wang
|
Tel: (852)
8122-9660
|
Contact:
Yuen Chang
|
Tel: (852)
2893-5666
|
Email:
contact@medicaretechinc.com
|
Web:
www.medicaretechinc.com
|
SOURCE Medical Care Technologies Inc.