BEIJING, Jan. 23, 2012 /PRNewswire/ -- Medical Care Technologies Inc. (OTCBB: MDCE), a growing children’s healthcare service provider, is pleased to announce that it has closed a $130,000 loan agreement with a private Hong Kong company. Proceeds will go towards license completion and construction to operate its first children’s health and wellness center located in Dongguan, Guangdong Province, China.
The terms of the loan are unsecured and bear an annual interest rate of 12% for twenty four (24) months.
This financing concludes the last stage in funding to complete the licensing process of Teddyberry and Company, the Company’s Chinese subsidiary and to which the Company has named its first flagship children’s health and wellness center.
The new state of the art health center will be a 4,000+ square foot facility and will be geared towards shifting the focus of children’s health from intervention to prevention. The health center will provide numerous integrated and preventative health care services and health care issues will be seen from the perspective of the child and family. The Company’s vision of a child/family-centered health care delivery system as stated in its mission statement is “Healthy children in healthy homes.”
“Achieving financial close is a crucial step forward in securing this license to deliver a state-of-the-art facility that will make a lasting impact on healthcare in Dongguan,” stated Luis Kuo, COO of Medical Care Technologies Inc. “We are excited and proud to direct an investment on behalf of our investor that will support the future operation of Teddyberry and Company.”
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: Shu Bei
Tel: (852) 8122-9660
Email: contact@medicaretechinc.com
Web: www.medicaretechinc.com
SOURCE Medical Care Technologies Inc.
