Medical Care Technologies Inc. Enters Verbal MOU Regarding Distribution Agreement in Guangdong Province, China
January 19 2010 - 6:30AM
Marketwired
Medical Care Technologies Inc. (OTCBB: MDCE) today announced that
it has entered into verbal discussions with Wellfield Technology
Distribution Company ("Wellfield"), a private Hong Kong company,
whereby, upon completion Wellfield will have the first right of
refusal to purchase and distribute MDCE's health-related products
in the Guangdong Province of the People's Republic of China.
The verbal Memorandum of Understanding ("MOU") will give
Wellfield the option for distributing the products in Guangdong and
throughout the southern region of China. Evaluations and due
diligence are ongoing and expect to be concluded in approximately
three to four weeks. At such time, both companies anticipate that a
more definitive distribution agreement will be signed.
According to China Statistics Press, Guangdong has become the
most populous and most prosperous province in China since 2005,
registering 79 million permanent residents and 31 million migrants
and, as of 2008, has the highest GDP among all China's
provincial-level jurisdictions. Latest figures show GDP has reached
3.57 trillion Yuan (US$522B). The provincial capital Guangzhou and
economic hub Shenzhen are among the most populous and important
cities in China. Market research has shown that concurrent with
Guangdong's increase in population and GDP, research has also shown
an especially large demand for medicines and health-related
products.
MDCE's President, Ning Wu, commented, "We are pleased to have
this opportunity to embark on our plan of contributing to China's
health care industry through the sale and distribution of our
pharmaceuticals, nutraceuticals and other health-related products.
The discussions with Wellfield are an important step in our
long-term expansion plan in the fastest growing major cities of the
People's Republic of China."
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 to 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, and consumers -- in accessing 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
anticipated cancellation 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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