Medical Care Technologies Inc. (OTCBB: MDCE), a children's health care service provider, today announced it has closed its third round of convertible note financing that to date has raised $752,500 for the Company.
Beijing, November 29, 2011 - Medical Care Technologies Inc. (OTCBB: MDCE), a children's health care service provider, today announced it has closed its third round of convertible note financing that to date has raised $752,500 for the Company.
This funding round came from private investors living in Hong Kong and totaled gross proceeds of $210,000. The Company will use the funds to address and provide for the retrofitting of sustainability objectives in its flagship children's health care center currently being constructed in Dongguan, China. Features being considered are motion sensor light switches, programmable thermostats, certified insulation, automatic hand dryers, recycling areas, low-E windows, tubular daylighting devices, dual flush systems and low-flow faucets. Management believes implementing these initiatives will not only help reduce operation costs in the long run but also provide an environment that is comfortable, safe and productive.
"We consider this funding a strong endorsement of Medical Care Technologies Inc.'s unique focus on children's health care in China and to ultimately deliver the best facility possible," stated Ning Wu, Chief Executive Officer of Medical Care Technologies Inc. "We are targeting an area of high unmet health care need in China that fits well with our investors' investment philosophy."
"Designing our kid's health care center to include sustainability features emphasizes our commitment to environmentally friendly efforts," stated Luis Kuo, Chief Operations Officer of Medical Care Technologies Inc. "Our decision to adopt this approach during the construction process supports our commitment to environmental stewardship and conservation, and results in an optimal balance of cost, environmental, societal, and human benefits while meeting the mission and function of our kid's health care facility. We are thinking for the future and we will be ready to provide services in a manner that will have real, calculable benefits for our children, environment and our community."
The facility is scheduled to open in early 2012.
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 health care 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 health care, Internet, information technology and health care 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.
Suzanne Holbrook
Contact:
Shu Bei
Medical Care Technologies Inc.
Room 815, No.2 Building
BeiXiaoJie, DongZhiMenNei
Beijing 10007, China
(852) 8122-9660
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