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
Tel: (852) 8122-9660
SOURCE Medical Care Technologies Inc.