Medical Care Technologies Inc. Signs Asset Acquisition Agreement
January 11 2010 - 6:30AM
Marketwired
Medical Care Technologies Inc. (OTCBB: MDCE) today announced that
it has reached a definitive agreement to acquire various
technologies from Great Union Corporation, ("GUC") a private Hong
Kong corporation.
The Boards of Directors of both companies have unanimously
approved the transaction.
Pursuant to the Agreement, and in consideration of 57,300,000 of
its common stock, MDCE will acquire GUC's technologies associated
with the development and maintenance of secure information systems
which increase access to medical resources services, education and
wellness, pharmaceutical and nutraceutical products. The
transaction is subject to customary closing conditions.
Management believes that the acquisition is a significant step
in MDCE's strategy to enter into China's lucrative health care
market. With life expectancy of the Chinese population gradually
increasing, and as China's population becomes wealthier, patients
are demanding better lifestyles and better quality care.
According to the US World Nutraceutical Ingredients Industry, it
states that the "World demand for nutrients and minerals is
projected to reach $12.6 billion in 2013, it too has predicted that
China and India will emerge as the most rapidly expanding
nutraceutical ingredient markets as strong economic growth allows
them to upgrade and diversify food, beverage and drug production
capabilities." It also goes on to state, that "China will remain
the largest worldwide producer based on its extensive fine
chemicals industry and aggressive pursuit of exports."
In China alone nutraceutical sales are estimated to be worth
approximately $6 billion in annual sales, according to the China
Health Care Association, which is an association attached to
China's Ministry of Health. Although the industry is young compared
with the U.S., and about one-fourth its size, the potential for
sizeable growth is significant due to China's rapid economic growth
and increasing consumer demand for natural products that promote
health and overall wellness.
Patricia Traczykowski, President of MDCE, goes on to state, "I
am very excited for our shareholders and for the Company with our
most recent acquisition. It is an acquisition which will allow us
to target an expanding healthcare segment and will allow us to
venture into a country like China which is full of opportunities.
Our values will be simple, using technology to provide better
health. We plan to offer affordable, standardized and secure
software information systems to electronically connect Healthcare
Providers, Academic Institutions, Pharmaceutical and Nutraceutical
Companies, Alternative Health Industries, and Individual Consumers
with healthcare information, products and services in China.
Initially, we aim to generate e-management revenues and
nutraceutical and pharmaceutical product distribution revenues.
Concurrent with and in addition to our main revenue streams, we
hope to add to our bottom line through content licensing fees,
email marketing revenues and e-commerce."
Management intends to immediately begin the process of
integrating its technology, services and products into Asia once
the registration of the share transfer is completed and it has
obtained transfer of the assets, all as contemplated by the Asset
Acquisition Agreement.
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 and 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
Nutraceuticals. 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, MDCE will have 98,900,000 shares of its common stock
issued and outstanding upon the closing of the acquisition.
For Further Information: Ezra Smith C. Jones Consulting, Inc.
Tel: (727) 771-9500 Fax: (727) 771-9545 Email:
cjones@cjonesconsulting.com Web: www.cjonesconsulting.com
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