Medical Care Technologies Inc. Secures First Round Financing for Shenzhen Project
July 31 2012 - 11:10AM
Medical Care Technologies Inc. (OTCBB:MDCE), a
growing American company providing Western healthcare products
distribution and children's healthcare services in China, is
pleased to announce, in conjunction with its Hong Kong subsidiary,
has secured over $800,000 in additional financing for further
securitization of its Shenzhen health center project and general
working capital.
Funding participation included the Company's joint venture
partner, Ocean Wise International Industrial Limited ("Ocean
Wise"), existing shareholders and new accredited investors. These
financings were completed on significantly better terms for the
Company than prior financings and included strong participation
from loyal shareholders. A large portion of the funds will be
maintained in a controlled account as part of the security bond for
the Shenzhen location license. Additional financing for
construction is currently being negotiated.
Luis Kuo, Chief Operations Officer, stated, "Securing such
substantial funding validates our underlying direction with
children's healthcare in China. We greatly appreciate the vote of
confidence from our partners and shareholders in providing this
funding which will enable us to make more concerted progress with
the Shenzhen location."
The Company continues to attract strong investment and funding
interest. Last week, a 6-month 10% convertible promissory note was
issued in the amount of $29,500 to a current funding partner and
$15,000 was raised through a securities purchase agreement from a
new investor. Further equity financing is expected to continue in
order to secure additional funding for general working capital
purposes. The Company is committed to filing a registration
statement to register the underlying shares purchased through
securities purchase agreements as soon as practicable.
Over the past 60 days, steps have been taken to stabilize the
balance sheet, reduce debt and expand healthcare activities. In the
midst of a breakthrough that began last summer, a turnaround is
being fueled by funding that previously was not available. Since
the June 25th news release, which announced a reduction of debt of
$325,000 and note re-negotiations of $155,000, a further reduction
in debt in the amount of $90,250 and re-negotiated notes totaling
$15,000 have occurred.
"We believe that these ongoing sustaining initiatives that we've
implemented to reduce our debt and strengthen our balance sheet
will improve our bottom line to provide financial stability,
demonstrating that our strategic plan – which includes investments
to build Western-style, state-of-the-art health facilities in China
– have and will continue to produce positive results," stated Ning
Wu, President of Medical Care Technologies Inc.
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.
CONTACT: For Further Information:
Contact: Ms. Candy Wang
Email: contact@medicaretechinc.com
Contact: Mr. Peter Verner
Email: p.verner@medicaretechinc.com
Tel: (852) 8122-9660
Web: www.medicaretechinc.com
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