BEIJING, July 13, 2011 /PRNewswire/ -- 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 USD 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, Teddyberry™
and Company's, license application into Beijing.
"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," stated Luis Kuo, Chief Operations Officer of Medical
Care Technologies Inc.
"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,"
stated Ning Wu, Chief Executive
Officer of Medical Care Technologies Inc. "The proceeds will
further implement the process of our license application and
expansion into Beijing. We are
grateful to our shareholders."
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: don@virmmac.com
Web: www.medicaretechinc.com
SOURCE Medical Care Technologies Inc.