Medical Care Technologies Inc. Announces $1,500,000 Memorandum of Understanding to Secure Equipment for Health Center Operation
September 13 2012 - 10:23AM
Medical Care Technologies Inc. (OTCBB:MDCE), a
growing American company providing children's healthcare services
and Western healthcare products distribution in China, today
announced that it has signed a memorandum of understanding (MOU)
with Dragon Link Group Ltd. ("Dragon Link") establishing the
framework for a strategic investment through which Dragon Link
would invest over $1.5 million for medical equipment and clinical
tools.
Dragon Link is a Hong Kong private company and its proposed
investment in Medical Care Technologies Inc. is intended to create
the capital structure necessary for the Company to outfit its first
health center operation in Shenzhen and, to expand its operations
throughout Guangdong Province.
Under the proposed terms of the strategic agreement outlined in
the MOU, Dragon Link would provide the Company with up to $1.5
million in equipment financing, with an initial cash outlay of
$400,000 to outfit the Shenzhen Children's Health and Wellness
Center with German-manufactured health and dental equipment. This
$1,500,000 proposed investment into Medical Care Technologies comes
without having to add any new shares into the Company's current
share structure.
"A substantial capital investment from Dragon Link would not
only secure our equipment financing for Shenzhen, but it would also
secure equipment funding for our other planned health center
locations," said Ning Wu, CEO of Medical Care Technologies Inc. "In
addition, this agreement would align us with a large, successful
global brand in the medical equipment industry," she added.
"This MOU is the first step toward a longer term agreement
through which we plan to build on the foundation of Medical Care
Technologies Inc.'s Shenzhen operation," said Fielding Sy,
President of Dragon Link. "We believe this partnership will create
long-term value to the customers, investors and other stakeholders
of both companies," he further stated.
While the MOU is non-binding and the execution of definitive
documentation is subject to negotiation, both companies are
currently negotiating and intend to close the full transaction by
the end of the month.
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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