BEIJING, June 3, 2011 /PRNewswire/ -- Medical Care
Technologies Inc. (OTCBB: MDCE), a rapidly growing children's
healthcare service provider, announced today that it is set to open
its first of a string of planned pediatric health and wellness
centers before the end of its fiscal year 2011.
As China works toward a
landmark healthcare reform program, which is planned to be fully
implemented by 2020, one of its aims is to improve the supply of
healthcare by the easing of government regulations for foreign
investment in private healthcare services. This move was made
to relieve some of the burden on state funding, with the private
health sector catering for the more affluent element of the
country's population (The State Council of China, January
2011). The new policies are crucial for ensuring
increased demand for medical services is met as the country
industrializes and urbanizes, said Zhou Qiren, director of the
China Center for Economic Research (CCER) at Peking University.
As Medical Care Technologies, Inc. prepares to open its flagship
children's healthcare center doors only a few short months away in
Dongguan, Guangdong Province, discussions have now begun
to open more children's health facilities in the bigger cities.
Management now hopes to take advantage of the eased
restrictions to open private children's health and wellness centers
in major cities, such as Beijing
and Shanghai and, second-tier
cities like Guangzhou and
Tianjin. The Company plans to
open, staff and operate two more pediatric health facilities in
2012.
Lured by roughly 300 million-strong emerging middle class, the
Company has geared their health services program to include
state-of-the-art equipment, cleanliness of the facilities,
top-quality healthcare for young children, and overall warm and
caring customer service for the families that are up to western
nations' standards. Surveys show that more than 80 percent of the
middle class Chinese consumers are dissatisfied with customer
service in public healthcare and are willing to pay up to seven
times more for private than public health services (American
Business Journal, April, 2011). Management expects its
children's centers to serve roughly a minimum of 300 patients
weekly, generating an estimated $30-40
million Yuan Renminbi (RMB) in revenues per location, which
translates to approximately $4.5 to $6
million U.S. Dollars in revenues per location yearly.
"This is an amazing time for us," stated Ning Wu, Chief Executive Officer of Medical Care
Technologies Inc. "This news is truly welcomed and comes at a key
phase of our growth. This fits in with our business model and we
feel certain the healthcare reform initiatives will spur our
infrastructural growth well beyond our initial estimations for at
least the next 10 years."
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:
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Contact:
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Don Griffin
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Tel: (480) 251-1449
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Fax: (810) 222-5453
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Email:
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don@virmmac.com
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Web:
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www.medicaretechinc.com
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SOURCE Medical Care Technologies Inc.