Medical Care Technologies Inc. Provides Corporate Update
January 08 2010 - 3:15PM
Marketwired
Medical Care Technologies Inc. (OTCBB: MDCE) would like to provide
its shareholders with a corporate update.
On October 6, 2009, MDCE entered into a non-binding Letter of
Intent with Great Union Corporation ("GUC"), a Hong Kong
corporation, with the intent to acquire ownership of certain
medical care products developed by GUC.
According to the LOI, MDCE will then complete the acquisition of
these assets by issuing 57,300,000 to GUC, or GUC's designees.
GUC is a company holding assets associated with the development
and maintenance of secure information systems which increase access
to medical resources services, education and wellness,
pharmaceutical and nutriceutical products. Patricia Traczykowski,
President of MDCE, is pleased to provide an update of the Company's
progress and recent corporate activities, as the Company moves from
the oil and gas industry, into medical care technologies.
For the upcoming year, the Company plans to focus on MDCE's new
business strategy: which is to commercialize the medical care
technologies it anticipates acquiring through strategic alliances
with leading, world class players in the health industry and it is
our strategy to provide expertise in pharmaceutical and
nutriceutical product development, in order to gain brand and
market acceptance with established sales and distribution channels.
This strategy is intended to secure revenues, optimize cash flow
and protect intellectual property rights through unique profit
sharing partnerships as well as minimize capital and operational
expenditures.
Patricia Traczykowski, President of MDCE, states, "We have set
near term goals to imminently complete the acquisition and close
the deal with GUC. This will lead MDCE to commercialization
partnerships for GUC's technologies and for each of its three
divisions: Medical Devices, Pharmaceuticals and Nutriceuticals, in
an effort to create the best possible value for our
shareholders."
Subsequently, on October 13, 2009, the Company filed Articles of
Merger with the Nevada Secretary of State to effect a merger with
its wholly owned subsidiary, Medical Care Technologies Inc. and
assume the subsidiary's name. The subsidiary was incorporated
entirely for the purpose of effecting this name change and the
merger did not affect the Company's Articles of Incorporation or
corporate structure in any other way. In conjunction with the name
change the Company has also been granted a new trading symbol. The
Company's new trading symbol is: MDCE.
Subject to the execution of a definitive agreement and
fulfillment of other conditions laid out in the agreement, MDCE's
current President, CEO and director, Patricia Traczykowski, shall
resign from these positions to allow the Company to grow into the
space of medical care technologies.
About Medical Care Technologies Inc.
Medical Care Technologies Inc. (www.medicaretech.com) is traded
under the symbol MDCE on the OTCBB and is based in London, England.
The Company is in the process of moving its portfolio of oil
resources into medical care technologies. The products/services
that the company hopes to acquire are intended will constitute a
healthcare delivery and wellness site; dedicated to helping Asian
consumers live healthier, more balanced lives. MDCE is planning to
provide advanced connectivity, internationally standardized and
secure business, technology and information systems to assist the
Asian health industry -- physicians, pharmacists, medical
institutions, consumers -- access medical resources, health
services, education, wellness and pharmaceutical products
throughout Asia. MDCE is planning to distribute and provide
services at a diverse range of industry-leading product lines in
three segments: Medical Devices, Pharmaceuticals and
Nutriceuticals.
Further information on the Company can be found at www.sec.gov
and the company's website at www.medicaretech.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. There can be no
assurance that the acquisition of GUC's assets will close. MDCE
must issue 57,300,000 shares of its common stock to GUC, or GUC's
designees in order to close the acquisition. Accounting for the
anticipates cancelation of 57,300,000 shares by Patricia
Traczykowski, EMDCE will have 98,900,000 shares of it common stock
issued and outstanding upon the closing of the acquisition.
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