BEIJING, Sept. 13, 2011 /PRNewswire/ -- Medical Care
Technologies Inc. (OTCBB: MDCE), a rapidly growing children's
healthcare service provider, is pleased to announce that, through
ReachOut Holdings Limited, its Hong
Kong subsidiary, it has closed a $200,000 bridge loan agreement with a private
investor for its first children's health and wellness center
located in Dongguan, Guangdong Province, China.
The terms of the bridge loan are unsecured and bear an annual
interest rate of 10% for a thirty (30) day term. Reimbursement of
the loan is due in principal plus all accrued interest at the end
of the thirty day period.
This financing concludes the second 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
funds will be invested in a demand deposit account and will be used
to fulfill the requirements of Chinese government health
authorities of proving ReachOut's strong financial backing from
accredited investors.
Teddyberry™ and Company, once completed, will be a 4,000+ square
foot facility that is expected to serve a community and broader
metropolitan area of 10 million people, including more than 1
million children. The health center will also directly serve
the two (2) neighboring municipalities of Guangzhou and Shenzhen, home to over 25 million residents.
Management expects its children's health center to treat roughly a
minimum of 300 patients weekly, generating an estimated
$30-40 million Yuan Renminbi (RMB) in
revenues, which translates to approximately $4.5 to $6 million U.S. Dollars in revenues
yearly.
"This financing marks a significant milestone in the development
of the Teddyberry™ project," said Ning
Wu, CEO and President of Medical Care Technologies Inc. "We
are very pleased with the strong investor reception for this
financing, which we view as a validation of our children's
healthcare development efforts."
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.