Medical Care Technologies Inc. Provides Clarification on Phase One and Phase Two License Approval Details for Shenzhen Health C
September 20 2012 - 2:48PM
Medical Care Technologies Inc. (OTCBB:MDCE), a
growing American company providing children's healthcare services
and Western healthcare products distribution in China, announced
that it has clarified details of its license approvals for the full
build-out of its planned children's health and wellness center in
Shenzhen, China.
The three distinct phases in obtaining a medical clinic license
in China must pass through multiple central, provincial and local
department approvals.
Phase I License approval involved market feasibility studies and
the submission of Medical Care Technologies Inc.'s business plans,
accompanied by a bond posted to show proof of the Company's
intentions to do business in China. Phase I costs were
approximately $258,000 USD and the approval was issued on June 17,
2012.
Phase II License approved by the City of Shenzhen Health
Department and fully backed and endorsed by the Central Government
in Beijing, was granted based on Medical Care Technologies Inc.'s
development, design, construction, financial, and facilities
management capacity to undertake a project of this complexity.
China's laws restrict foreign ownership of medical clinics and
hospitals located in their country. To comply with this
legislation, the Company operates through a corporate structure
consisting of its Hong Kong subsidiary, ReachOut Holdings Limited,
and a Chinese joint venture partner.
A 'reserve fund' was established as proof to all three levels of
government that the Company is financially backed to operate in
China. The total reserve fund established by Medical Care
Technologies Inc., its Hong Kong JV partner, Ocean Wise
International Industrial Limited and their Chinese National JV
partner, Shenzhen City Jin Yu Technology Limited ("Jin Yu"), was
approximately $3M RMB (~$500,000USD).
Phase II License provided an important regulatory approval for
the conversion of our 450 square meter site on Longcheng Road in
the Longgang District of Shenzhen. Renovations of the planned
health center are ready to commence pending the finalization of
certain financing initiatives. Medical Care Technologies Inc. has
signed an MOU with a private Hong Kong investment firm (Press
Release dated September 13, 2012) and due diligence is currently
underway to procure definitive agreements for up to $1.5M in
equipment financing for the roll out of the Company's planned
centers throughout Guangdong province.
Phase III License approval involves inspection of the completed
health center by the Police, Fire, Environmental and Health
departments of Shenzhen to ensure all building and environmental
codes are met. Once this phase is passed, the Chinese
government offices of the City of Shenzhen will approve and issue a
business license to operate the clinic. This final License is
issued for the duration of the health center's existence in that
particular location.
"We continue our journey forward to build a great children's
healthcare facility," said Ning Wu, CEO of Medical Care
Technologies Inc. "Our health center will be a place where we can
provide high quality care and services to meet the needs of our
patients and their families."
The Phase II License approval document is available for viewing
on the Company's website,
www.medicaretechinc.com.
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: Ms. Candy Wang
Email: contact@medicaretechinc.com
Mr. Peter Verner
Email: p.verner@medicaretechinc.com
Tel: (852) 8122-9660
Web: www.medicaretechinc.com
Medical Care Technologies (PK) (USOTC:MDCE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Medical Care Technologies (PK) (USOTC:MDCE)
Historical Stock Chart
From Jul 2023 to Jul 2024