Medical Care Technologies Inc. Announces Financing Approval For
Medical Equipment
BEIJING, Feb. 4, 2013 /PRNewswire/ -- Medical Care
Technologies Inc. (OTCBB: MDCE), a growing American medical
company providing information technology systems, family and
children's healthcare services and Western healthcare products for
distribution in China, is
pleased to announce that it has received approval from a major
Australian financing firm who will underwrite a minimum of US
$500,000 in equipment financing to
fund the Company's acquisition of medical equipment for its
Shenzhen health clinic.
The financing will be guaranteed by a principal of the Company's
Chinese joint venture partner and secured by the medical equipment
purchased. Thus far, MDCE has identified and sourced pricing
of US $365,000 in medical equipment
and clinical tools for its Shenzhen clinic. Terms of the financing are
expected to be in the range of 36-60 months, with an effective
interest rate of between 6-8% and can be repaid without penalty at
any time. Title to the medical equipment will transfer to the
Shenzhen clinic operations at the
completion of the term. The financing proposal is subject to
customary closing conditions.
Medical Care Technologies Inc. announced last fall, the signing
of an MOU with Dragon Link Group Ltd. of Hong Kong, for an infrastructure financing of
approximately US $1.5M. With a
minimum US $500,000 approval from the
Australian underwriter, Dragon Link's infrastructure financing will
reduce to US $1M. This arrangement
between Dragon Link and MDCE, which encompasses the Shenzhen clinic, a Dongguan location, and future operations
across Guangdong Province, is
still very much in play. Dragon Link's extensive due
diligence of MDCE's proposed clinic operations is nearing
completion and expects to close definitive documents in due
time.
"Securing this important element of our equipment financing is
essential to us meeting our healthcare services objectives,"
commented Luis Kuo, President. "The
financial support of this major underwriter further validates our
belief that the Shenzhen clinic is
an excellent opportunity with significant potential."
"Our unwavering goal is to lay an unshakeable foundation for our
Western-style healthcare initiatives across China, initiatives that will prosper for
decades and will become cornerstones of China's future healthcare system", said CEO
Ning Wu. "We are taking the time to
ensure that every step we take in these crucial days of our
clinic's development stage is measured and sure-footed," she
added.
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 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:
Contact: Mr. Peter
Verner
Email: p.verner@medicaretechinc.com
Tel: (852) 8122-9660
Web: www.medicaretechinc.com
SOURCE Medical Care Technologies Inc.
