(World Press Release) BEIJING, CHINA July 13, 2011 Medical Care Technologies Inc. (OTCBB: MDCE), a rapidly growing children's healthcare service provider, today announced that it has secured financing to advance progress on expansion plans in Beijing.
$120,000 US has been secured in the second round of funding from six accredited investors in the form of one year convertible notes at 8%, ranging from $10,000 – $55,000. Proceeds will be used to expedite Medical Care Technologies Inc.'s subsidiary, TeddyberryÃ¢â€ž¢ and Company's, license application into Beijing.
Ã¢â‚¬Å“The healthcare industry is looking for solutions that we provide, so there is very strong interest in our Company here in China. We moved very quickly through the licensing phase in Dongguan and, with the additional funding, we can accelerate the development and proof of concept with a second location of our children's health centers,Ã¢â‚¬ stated Luis Kuo, Chief Operations Officer of Medical Care Technologies Inc.
Ã¢â‚¬Å“We are most appreciative of the continuing confidence placed in us by our investors. They continue to support our vision in providing a place where families can receive top quality healthcare for their children in China,Ã¢â‚¬ stated Ning Wu, Chief Executive Officer of Medical Care Technologies Inc. Ã¢â‚¬Å“The proceeds will further implement the process of our license application and expansion into Beijing. We are grateful to our shareholders.Ã¢â‚¬
To date, Medical Care Technologies Inc. has secured the first location for its flagship children's health and wellness center in Dongguan, China and continues to advance its work with established engineering, procurement, design and construction management firms to complete detailed facility design and engineering plans. The first location is set to open in the fourth quarter 2011.
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: [email protected]
Visit the publisher’s website: http://www.medicaretechinc.com