A PARTIAL LIST OF PAST BS PRESS RELEASES:
November 20, 2012
MEDICAL CARE TECHNOLOGIES INC. ISSUES CEO LETTER TO SHAREHOLDERS
Promising future for pediatric healthcare in China
BEIJING, Nov. 20, 2012 — Medical Care Technologies Inc. (OTCBB: MDCE), a growing American company providing children’s healthcare services and western healthcare products distribution in China, released today the following letter to shareholders from its Chief Executive Officer:
Dear Valued Shareholders,
Our Executive Team shares the eagerness of our investors to get operations up and running and start generating revenue as soon as possible. However, we see the Company as a long-term project that will take its place as a leading institution in health care in China that will grow, prosper and serve the Chinese people for generations to come. In these crucial days and months leading to the opening of the first centre in Shenzhen, it is important to ask this fundamental question, “Do we want it done now? Or do we want it done right?”
We have recently added to and refined our senior management cadre and added two exceptional new members, Joe Hall and Dr. Richard Rheinbolt. Joe is a retired Air Force Lt. Col. with 20 years experience in Air Force healthcare management. He is Board Certified and a Fellow in the American College of Health Care Executives (FACHE). Dr. Rheinbolt, a pediatrician with “real world” experience in designing and operating overseas clinics, has recently been appointed Senior Medical Advisor and a Member of our Board of Directors.
These experts in the business we are embarking upon must be given time to put their imprints on our operational plan. As a result, this will delay our previously projected deadlines. Medical Care Technologies Inc. expects to be a major force in Chinese health care for decades to come and a few extra months of strategic operational planning at this stage should be viewed as an investment.
I request our valued shareholders to be patient as we take the necessary steps required to raise the final tranches of capital, construct the clinic workspace, and recruit the physicians, nurses, and medical technicians we need to open our first of many clinics in the China marketplace.
Sincerely yours,
“Ning C. Wu”
Ning C. Wu
Chief Executive Officer
Medical Care Technologies Inc.
November 1, 2012
Medical Care Technologies Inc. Appoints Distinguished Pediatrician as Senior Medical Advisor
Acclaimed Addition to Executive Team for Launch Preparation of Shenzhen Clinic
BEIJING, Nov. 13, 2012 – Medical Care Technologies Inc. (OTCBB:MDCE), a growing American company providing children’s healthcare services and Western healthcare products distribution in China, today announced the appointment of Dr. Richard M. Rheinbolt, MD, FAAP, MPA to the post of Senior Medical Advisor. The appointment follows an extensive global search.
Dr. Rheinbolt will work closely with the Company’s recently appointed Chief Operating Officer, Joe Hall, in crafting the clinical guidelines, protocols and best practices for the health center operation in Shenzhen, China.
“With the team we have now, and once the final capital is put in place, it’s ’all systems go’ towards the construction and eventual launch of our Shenzhen clinic,” said President Luis Kuo.
A thoroughly experienced pediatrician and administrator, Dr. Rheinbolt’s illustrious career has taken him across the United States, Mexico, the Dominican Republic and Central America. From the barrios of Mexico and Guatemala’s Indian communities, to Philadelphia’s Children’s Hospital, Dr. Rheinbolt has dedicated the last 40 years to the care of children.
After graduation from medical school, Dr. Rheinbolt began his pediatric training at the University of Texas, San Antonio and has held residency appointments at Oklahoma Children’s Memorial Hospital and Scott & White Hospital at Texas A & M School of Medicine. A Masters in Public Health with an emphasis in Maternal and Child Health was completed at the Harvard School of Public Health, where he subsequently served as Teaching Fellow for 2 years.
Dr. Rheinbolt served in primary care, urgent care and emergency medical positions at a number of institutions including Baptist Hospital of Miami,Children’s Hospital of Philadelphia, Pediatric Associates of Florida, Appalachian Regional Health Care, Blue Ridge Regional Hospital, and Clinica Cristiana of Guatemala, among others. He has provided healthcare for children and adults with special and developmental needs at Boston Children’s Hospital’s Wrentham State School, at Mansfield Ohio’s Raintree Center, in Guatemala, in Mexico City, and in Philadelphia. Recently, Dr. Rheinbolt served as research associate of the Division of Pediatric Surgery at the University of Miami, and was the principal investigator reviewing federal funding of State Maternal and Child Health programs while at the Harvard School of PublicHealth.
Dr. Rheinbolt holds specialty certifications from the American Boards of Pediatrics and Preventative Medicine and is certified in Neonatal Resuscitation, Pediatric Advanced Cardiac and Advanced Trauma Life Support. He is a member of the American College of Preventive Medicine and American Academy of Pediatrics. Dr. Rheinbolt is licensed to practice in the states of Arkansas, Ohio, and North Carolina, as well as in Guatemala.
“Dr. Rheinbolt’s combination of practical pediatrics and health center planning is the perfect complement to Joe Hall’s impressive background in healthcare administration. If there’s such a thing as a ‘dream team’ in this business, we’ve got it!” commented CEO Ning Wu
October 28, 2012
Medical Care Technologies Inc. Hires Quartermaine, Asquith & Associates for Strategic Advisory Services in China
Unique Partnership Creates Tremendous Opportunities and Benefits
BEIJING, Oct. 26, 2012 – Medical Care Technologies Inc. (OTCBB:MDCE), a growing American company providing children’s healthcare services and western healthcare products distribution in China, is pleased to announce that it has engaged Quartermaine, Asquith & Associates (QAA) to provide corporate development and strategic advisory consulting services.
QAA, established in 2007, is a progressive and innovative consulting firm that develops solution-based advisory planning, corporate development and restructuring, mergers and acquisitions, and private capital solutions to Asian-based companies at all stages of development. The principals each have over 20 years of specialized experience that are utilised to meet complex business goals and solutions. QAA also offers fund placement advisory services, assists businesses to navigate unique challenges, and provides expertise on special projects and initiatives. QAA also helps develop corporate and operational management personnel infrastructure and support.
Most recently, QAA was instrumental in securing Medical Care Technologies Inc.’s recently appointed Chief Operating Officer. In the Company’s news release dated October 12, 2012, (Ret.) Lt. Col. Joe Hall was hired as COO to work with QAA to implement new operational strategies in the Shenzhen clinic model of patient-centered care, to provide for maximum administrative efficiency and optimal care for children and their families, and a more progressive approach to facilitating the launch of the Shenzhen clinic model.
In addition, QAA was the introducing partner that brought together the Company and Dragon Link Group (DLG). As previously reported in the news release dated September 13, 2012, the Company and DLG signed a memorandum of understanding (MOU) whereby DLG proposed to provide up to $1.5M in capital necessary to outfit the Company’s planned health centers throughout Guangdong province with medical equipment and clinical tools and, with an initial cash outlay of $400,000 earmarked for the Shenzhen center. Due diligence by both parties is currently underway.
“QAA have a proven track record in supporting financing efforts for several healthcare and pharmaceutical companies,” stated President of Medical Care Technologies Inc., Luis Kuo. “We will benefit from QAA’s broad range of experience in operational consultation and are thrilled to have them work with us to move our children’s clinic agenda forward,” Kuo added.
October 12, 2012
Medical Care Technologies Inc. announces dynamic leadership changes in the lead up to the opening of its first children’s health center in China
The right people in the right places…as the Shenzhen center moves closer to becoming China’s first, private, western-style pediatric health facility
BEIJING, Oct. 12, 2012 – Medical Care Technologies Inc. (OTCBB: MDCE), a growing American company providing children’s healthcare services and western healthcare products distribution in China, today announced leadership appointments in support of the proposed children’s clinics operating structure in Shenzhen, China.
Chief Operating Officer Luis Kuo has accepted promotion to the position of President. In his new role, Mr. Kuo will continue to provide strategic direction and operations leadership. Mr. Kuo will direct the Company’s strategic development plansfor the future construction of the children’s clinics and to ensure Medical Care Technologies Inc. meets their stated initiatives for future healthcare for children in China. He continues to lead the charge to build the first western-style, advanced children’s clinic in China. Mr. Kuo will assume his responsibilities immediately and, his predecessor, Ning Wu, will step aside from her role as President, and will maintain her role as CEO and will continue to serve on the Board of Directors of the Company.
“We are delighted that Luis has accepted this opportunity”, said Ning Wu, CEO of Medical Care Technologies Inc. “He has been our point person on operational details in China from the very start.”
Medical Care Technologies Inc. is also pleased to have appointed a new Chief Operations Officer. Welcome to Thomas J. (Joe) Hall II, who brings a wealth of experience in all facets of healthcare administration to Medical Care Technologies Inc.
In his new role as COO, Mr. Hall’s ultimate aim is to first create an efficient clinical model for a children’s health center and then to transform it to a national model by creating a robust health center for pediatrics, with translational medicine capabilities, superlative child-focused medical care, and an innovative new pediatric program that will focus on factors critical to maintaining health and preventing hospitalization.
During a distinguished 20-year career with the United States Air Force, Lt. Col. Hall (Ret.) served as a Medical Service Corps Officer in charge of business operations in several large medical clinics, including a clinic which served 24,000 beneficiaries. He is an expert at dealing with broad-based treatment facilities geared towards service personnel and their families. He has administered multi-million dollar budgets successfully. Mr. Hall also served as Executive Director of Hospice and Palliative Care of Northern Colorado Inc., a community-based hospice with inpatient facilities providing services to a community of over 210,000 people.
“I appreciate the confidence of MDCE’s Board in providing me this opportunity! This company has a tremendous potential to provide quality healthcare in pediatrics in China. I find that a gratifying reason to join the MDCE team,” said Joe Hall.
A Fellow of the American College of Healthcare Executives (FACHE), Mr. Hall holds a MBA from the University of Kentucky and a MA from American Military University.
“Mr. Hall knows how to run an efficient healthcare operation from both the frontline and administrative perspectives. In his capacity as COO, he will provide unique insight into the complexity of running a clinic that is committed to striving for the highest quality of care for every child and family,” said CEO Ning Wu
September 20, 2012
Medical Care Technologies Inc. Provides Clarification on Phase One and Phase Two License Approval Details for Shenzhen Health Center
Previously Reported Approvals Bring Us Significantly Closer to Our Goal of Improved Healthcare for Children in Guangdong Province and, Ultimately, Across China
BEIJING, Sept. 20, 2012 – 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.
September 13, 2012
Medical Care Technologies Inc. Announces $1,500,000 Memorandum of Understanding to Secure Equipment for Health Center Operations
Partnership Will Equip Kids Health Centers With State-of-the-Art Medical Equipment
BEIJING, Sept. 13, 2012 – 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.
August 30, 2012
Medical Care Technologies Inc. Obtains Financing to Secure Lease for Shenzhen Kid’s Health Center
Funds Enable Management to Proceed With Construction Phase
BEIJING, Sept. 7, 2012 – Medical Care Technologies Inc, (OTCBB:MDCE) a growing children’s healthcare service provider, is pleased to announce that it has secured direct investment of $35,000 from a Florida private growth capital firm, Five Nine Global Partners LLC.
The direct financing was used to guarantee the lease premises for the building location of the Shenzhen Children’s Health & Wellness Center – a major milestone and a necessity before construction can begin. The Company’s recently approved health center license covenants that the license is restricted and specific to the building site and premises selected for the operation of its children’s health center. Had the lease not been secured for this specific site, the license would have been revoked and the Company would have had to re-enter the application and licensing process again from the beginning. The proceeds enabled Management to lock in the over 4,500 square foot street-level space in a high-end, garden-style commercial and residential building complex for three months whilst construction is carried out.
“This financing will not immediately add any additional shares into the market place and will allow us to concentrate on building our new center,” said CEO Ning Wu. “We are very fortunate to have supportive investors who recognize the potential of our healthcare service business.”
August 30, 2012
Medical Care Technologies Inc. Adds Bricks and Mortar to Its Vision of a New Era in Children’s Healthcare in China
Management Team Visits Site of First Western-Style Children’s Healthcare Center in Shenzhen
BEIJING, Aug. 30, 2012 – Medical Care Technologies Inc. (OTCBB:MDCE), a growing American company providing children’s healthcare services and Western healthcare products distribution in China, provides an update on the recent initiatives taken by its CEO and COO in Shenzhen and Hong Kong.
Medical Care Technologies Inc., through its Hong Kong subsidiary ReachOut Holdings Limited, will occupy approximately 4,500 square feet of street-level space in the ‘Lui Jin Hua Yuen’ building (‘Green Gardens’), an upscale, multi-story, commercial and residential building complex on Huangge Road in Longgang District, north eastern area of Shenzhen. Constructed in 2010 and consisting of mixed-use lease space, the building is home to children’s shops, convenience stores and a kindergarten school, with ample parking spaces surrounding the complex. The site is located in a high-pedestrian, affluent, upper-middle class neighborhood and is across the street from the Shenzhen Universiade Center, a 52 hectare landmark group of buildings housing world-class sports facilities, comprehensive service centers, convention and exhibition halls and major hotels.
The planned health center is also in close driving proximity to shopping malls, restaurants, bus and subway stations, hotels, supermarkets, elementary and middle schools and Longcheng Industial Park. It is expected that the Shenzhen health center will serve a community and broader metropolitan area of over 12 million people, including more than 1 million children between the ages of 1 and 14 years. The health center may also directly serve the two neighboring municipalities of Guangzhou and Dongguan, home to 25+ million residents as the site is a few minutes from the national highway which connects Shenzhen and Dongguan with a 20 minute drive.
“The location and physical layout of what we’ve leased could not be more ideal for the kind of innovative health care services parents in China have been demanding for their children for so long,” said Medical Care Technologies Inc. CEO Ning Wu, following her first visit to the site just over a week ago.
As part of a high end building complex, constructed to conform to the highest standards of China’s building codes, major construction work is not required. The Hong Kong and Canadian firms, G-Design Consultants Inc. and Art Team Inc., are undertaking the interior remodelling necessary to convert the open floor spaces into medical examination and treatment rooms, a dental hygiene and examination room and the retrofitting of high-quality, German-manufactured medical equipment, as well as a large reception area, children’s play area, restrooms and administration offices.
“I can clearly picture in my mind what it will look like in just a few months,” said COO Luis Kuo. ”The kind of work needed, wiring and plumbing and drywall construction can be completed quickly here.”
In addition to visiting the healthcare centre site, CEO Wu and COO Kuo held extensive meetings in Hong Kong and Shenzhen with key project partners and leading government health officials, instrumental in expediting the necessary regulatory approvals obtained by the Company in its groundbreaking eighteen-month quest to become China’s first foreign, private pediatric healthcare provider.
July 31, 2012
Medical Care Technologies Inc. Secures First Round Financing for Shenzhen Project
Continued Strong Funding Interest in Children’s Healthcare Network in China
BEIJING, July 31, 2012 – Medical Care Technologies Inc. (OTCBB:MDCE), a growing American company providing Western healthcare products distribution and children’s healthcare services in China, is pleased to announce, in conjunction with its Hong Kong subsidiary, has secured over $800,000 in additional financing for further securitization of its Shenzhen health center project and general working capital.
Funding participation included the Company’s joint venture partner, Ocean Wise International Industrial Limited (“Ocean Wise”), existing shareholders and new accredited investors. These financings were completed on significantly better terms for the Company than prior financings and included strong participation from loyal shareholders. A large portion of the funds will be maintained in a controlled account as part of the security bond for the Shenzhen location license. Additional financing for construction is currently being negotiated.
Luis Kuo, Chief Operations Officer, stated, “Securing such substantial funding validates our underlying direction with children’s healthcare in China. We greatly appreciate the vote of confidence from our partners and shareholders in providing this funding which will enable us to make more concerted progress with the Shenzhen location.”
The Company continues to attract strong investment and funding interest. Last week, a 6-month 10% convertible promissory note was issued in the amount of $29,500 to a current funding partner and $15,000 was raised through a securities purchase agreement from a new investor. Further equity financing is expected to continue in order to secure additional funding for general working capital purposes. The Company is committed to filing a registration statement to register the underlying shares purchased through securities purchase agreements as soon as practicable.
Over the past 60 days, steps have been taken to stabilize the balance sheet, reduce debt and expand healthcare activities. In the midst of a breakthrough that began last summer, a turnaround is being fueled by funding that previously was not available. Since the June 25th news release, which announced a reduction of debt of $325,000 and note re-negotiations of $155,000, a further reduction in debt in the amount of $90,250 and re-negotiated notes totaling $15,000 have occurred.
“We believe that these ongoing sustaining initiatives that we’ve implemented to reduce our debt and strengthen our balance sheet will improve our bottom line to provide financial stability, demonstrating that our strategic plan – which includes investments to build Western-style, state-of-the-art health facilities in China – have and will continue to produce positive results,” stated Ning Wu, President of Medical Care Technologies Inc.
July 25, 2012
Medical Care Technologies Inc. CEO Releases Ground-Breaking Operational Announcements for Shareholders. Predicts Bright Future as Project Continues Expansion of Children’s Healthcare Network
BEIJING, July 25, 2012 – Medical Care Technologies Inc. (OTCBB:MDCE), a growing American company providing Western healthcare products distribution and children’s healthcare services in China, released today the following letter to shareholders from its Chief Executive Officer, Ning Chung Wu:
Dear Valued Shareholders,
It has been three months since I last formally addressed you, and it is again important for me to inform you, clarify some of your concerns and share some exciting news. MDCE has been moving forward on many fronts, and I am extremely pleased with our team’s progress in building our footprint in China.
Growth Opportunity in Prominent Location
In May a growth opportunity was presented for a new location in one of China’s most dynamic cities, and we jumped at that chance. As MDCE’s business model for children’s private healthcare services in China has been well received by officials and locals alike, your Company was officially invited to apply for a license and to open a health center in Shenzhen. This process that would normally take years, obtaining approval from the Chinese Ministry of Health, took a considerably shorter time to achieve. This is another major milestone for us firstly, to be invited and, secondly, to be granted the license to operate a health center in a major, Tier-1 city.
Shenzhen is China’s first and most successful “Special Economic Zone”, and is regarded as one of the fastest growing cities in the world with a population of over 10 million people. Shenzhen has grown beyond the borders of the original Zone and now encompasses an area of 790 sq. miles, larger than New York, London or Los Angeles! With a booming economy, Shenzhen has developed very rapidly into a vibrant commercial powerhouse fueled by the ambitions of its upwardly mobile, educated, entrepreneurial inhabitants. For many Chinese, Shenzhen represents China’s 21^st century future (Business in Asia, March, 2012).
Once license approval was granted, our consultants in Shenzhen moved to quickly select an eminent site for the health center, close to the 2011 Universiade location, in an area of this thriving city which teems with young, urban professional families. I am pleased to tell you that zoning approvals from the city government have also been granted – another major milestone – and renovations can begin immediately. We have already paid the required licenses, bonds and zoning fees.
Our mission became a plan and that plan is fast becoming a reality. Building renovations in China, which adhere to increasingly stringent building standards and encourages the construction of energy-efficient structures, can be completed rather quickly. As we finalize on the Shenzhen construction financing, now in its advanced stages, our project development and qualified construction crews are selected and prepared to work diligently for a rapid on-time project completion and opening of the Shenzhen health center.
Auxiliary Location – Dongguan
Many of you have been wondering when we will be announcing the health center opening in Dongguan. This was our initial site selection and, whilst an excellent choice, Dongguan, for many Chinese, is still considered to have a less prominent profile than Shenzhen. “Dongguan is like a silver medal at the Olympics and Shenzhen is the gold!” stated Peter Verner, Senior Communications Advisor for Medical Care Technologies Inc.
We have renegotiated our lease contracts and maintain our permissions there at no ongoing costs until opened. We have progressed steadily since we announced our presence there last year however, because of MDCE’s growing favored player status and reputation for what we are undertaking in children’s healthcare in China, the political arena played a very strong role in changing our course. Our official invitation, followed by your Board’s decision to set up in Shenzhen has secured a strong, ‘first-mover’ footing in a Tier-1 city. Our Shenzhen operations must take priority now and we will announce the news on the status of the Dongguan health center in due course. Dongguan remains our supporting and auxiliary site in Guangdong Province.
Reiterating No Reverse Split
I would like to address one of our most common shareholder questions and restate that there is no reverse split planned in the foreseeable future. We have determined that a reverse split would not be in the best interests of MDCE nor our shareholders at this time in our development and will not take place in the foreseeable future.
Looking Ahead To A Bright Future
My primary goal is to create value by positioning MDCE to effect positive change: positive change in health care, as health care is all about people. I firmly believe once we can affect this, a positive change in MDCE’s market position will follow. I am confident that you, our shareholders, are going to be greatly rewarded for your astute choice and faith in MDCE.
Sincerely yours and on behalf of the Board,
Ning Chung Wu
Chief Executive Officer
Medical Care Technologies Inc.
July 9, 2012
Medical Care Technologies Inc. Provides Operational and Corporate Update
BEIJING, July 9, 2012 – Medical Care Technologies Inc. (OTCBB:MDCE), a growing children’s healthcare service provider, announces the following operational and corporate updates.
Operational
Our operations team, headed by Chief Operating Officer, Luis Kuo, has entered into discussions with a number of internationally-recognized manufacturers of cost effective, high quality, state-of-the-art medical equipment and clinical tools used by physicians and other qualified practitioners worldwide. Information on pricing, availability, shipping and installation is being gathered for retrofitting into the children’s health centers. Partnerships with industry-leading manufacturers will be announced in the following weeks. Luis Kuo stated, “We are building long-lasting relationships with many of the industry’s most renowned medical manufacturers and suppliers and are reviewing opportunities for joint cooperation in anticipation of our expansion plans throughout Guangdong.”
Corporate
The Company is pleased to announce the recent appointment of Dr. Mark Langweiler as Medical Director for its children’s health centers in Guangdong Province, China. As Medical Director, Dr. Langweiler will oversee the current staff hiring process and implement a Western-style medical staff training program to ensure that all staff adheres to the highest level of standard in delivering healthcare to children in the health centers. Periodic reviews and statistical evaluations will be conducted to ensure compliance with medical and healthcare service protocols. Ning Wu, Chief Executive Officer of Medical Care Technologies Inc. stated, “We are thrilled to appoint Mark to oversee our planned children’s health centers throughout Guangdong. He will no doubt be a great role model for our medical staff and a trusted resource for our health center clients.” Dr. Langweiler added, “I am extremely privileged to have been appointed to this role and I am looking forward to working closely with clinical colleagues and staff across the organisation.”
June 25, 2012
Medical Care Technologies Inc. Announces Continued Results in Debt Reduction and Notes Re-Negotiation
BEIJING, June 25, 2012 – Medical Care Technologies Inc. (OTCBB:MDCE), a growing children’s healthcare service provider, is pleased to announce that it has been highly successful in reducing its debt obligations and anticipates further debt reductions over the next two quarters.
The Company has recently been able to extend, with similar or more favorable terms, approximately $155,000 in various notes payable. Furthermore, in the last 9 months, the Company was able to reduce by approximately $325,000 in outstanding debt obligations on its balance sheet through various negotiated settlements.
Medical Care Technologies Inc.’s President and CEO, Ning C. Wu, said, “Over the past year, we have taken a number of actions to reduce debt and improve liquidity. Our ability to renegotiate notes is a strong indication of our investors’ belief in our growth plans and long term success. Opening our children’s health centers and continued fiscal discipline are two main areas of focus for us in 2012. These improvements in our debt position will solidly position us for sustained investment in our business and improved profitability in the long run.”
Management wishes to thank all of its shareholders for their continued support of the Company’s endeavors in China.
May 25, 2012
Medical Care Technologies Inc. Announces Appointment of Senior Communications Advisor
BEIJING, May 25, 2012 – Medical Care Technologies Inc. (OTCBB:MDCE), a growing children’s healthcare service provider, is pleased to announce the recent appointment of Peter Verner as Senior Communications Advisor. The position was created in order to improve the Company’s public relations initiatives, and as a means of ensuring better communication with the shareholders, media (North America and China), and the Company.
Peter is an influential, veteran journalist and spent 20 years as an award-winning Producer with CBC Television, News & Current Affairs. He has worked as Director of Communications in Canadian politics since 2004 and, in 2006, founded The Edge Communications, a public relations consulting firm providing communications strategies for numerous start-up and mid-size organizations. Peter graduated in 1971 from Sandhurst, Royal Military Academy.
“With Peter’s wide experience as a communicator and his deep interest in China and its people, we feel that he will make a valuable contribution to our efforts in relaying timely information to our shareholders at a very exciting time in the Company’s development,” said Luis Kuo, Chief Operating Officer of Medical Care Technologies Inc.
Ning Wu, Chief Executive Officer of Medical Care Technologies Inc., had this to say: “As we near the construction and opening of our first children’s health center in China, it is one of Management’s goals for 2012 to create better information flow to our shareholders and between our employees and consultants in North America and China. Our objective in hiring Peter is to ensure that our entire Team is aligned with communication priorities amongst ourselves and, more importantly, our shareholders.”
The Company also wishes to address the recent fifth letter identifier “E” which was added to its stock symbol on May 22, 2012 as a result of certifications required by the U.S. Securities and Exchange Commission being inadvertently omitted from its recent Form 10-Q filing. Management reacted quickly and took appropriate steps once the certification omission problem was identified and filed an amendment on Form 10-Q/A on May 24, 2012. “Once identified, we were ready to remedy our filing delinquency,” stated Ning Wu, “We thank our shareholders for their patience and understanding and our Team is here to serve your needs and to focus on building shareholder value.”
April 30, 2012
Medical Care Technologies Inc. Receives $10 Million Reserve Equity Financing
BEIJING, Mar. 5, 2012 – Medical Care Technologies Inc. (OTCBB: MDCE), a growing children’s healthcare service provider, is extremely pleased to announce that it has received a Reserve Equity Financing of US$10,000,000 over a term of 4 years. The Reserve Equity Financing (“REF”) with AGS Capital Group, LLC, is a comprehensive financing solution that will provide direct investment capital of up to $10 million without putting undue stress upon the Company’s share capital structure. It is an inexpensive and flexible financing strategy in which the Company controls the amount of any advance and its timing – the how and when, therefore, regulating and minimizing any potential impairment to its share structure. “We believe this funding will provide us with the flexibility needed to expand our business,” said Luis Kuo, Chief Operating Officer. “As the demand in China to implement our business model and to expand our children’s health centers to other locations has been overwhelming, securing the right financing will give us the ability to manage both the long-term growth of the Company and shareholder value.” Ning Wu, Chief Executive Officer, stated, “We are excited to be entering into a relationship with a strong financial partner. It took research and many months to come to what we believe will turn the tides for Medical Care Technologies Inc. This type of financing will allow us to grow, concentrating our efforts on developing, building and staffing of children’s health centers without the constant pressure of financing.” “We believe that there is a tremendous market in China for the services that Medical Care Technologies Inc. provides and see significant growth for the company during the next year,” says Allen Silberstein, Chief Investment Officer of AGS Capital Group.
March 6, 2012
Adjournment of Special Meeting
BEIJING, Mar. 5, 2012 — Medical Care Technologies Inc. (OTCBB: MDCE), a children’s healthcare service provider, announced that the Special Meeting of Shareholders of the Company’s common stock held on February 29, 2012 at 10:00 a.m. E.S.T was adjourned for lack of quorum. The adjourned Special Meeting will occur on March 29, 2012 at 10:00 a.m. E.S.T in order to provide time for the shareholders to ensure that their voting instructions are carried out on proposed matters contained in the proxy statement. The Board of Directors of Medical Care Technologies Inc. encourages its shareholders to read the proxy statement for the adjourned Special Meeting and to vote their shares. “On behalf of the Board, I thank all of the Company’s valued shareholders for their loyalty and continued support,” stated Ning Wu, Chief Executive Officer of Medical Care Technologies Inc. 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.
October 2, 2011
Medical Care Technologies Inc. Sets Out Plans to Improve Child Health in China
BEIJING, Oct. 2, 2011 — Medical Care Technologies Inc. (OTCBB: MDCE). Timing is everything, and this is certainly true for Medical Care Technologies Inc. For those of you following the growth of the corporation, we know that it has been moving towards opening the first health and wellness center in the very near future. The question remains, however, why? Why paediatric care? Well, it seems that with all of the great strides in healthcare that have occurred in China, paediatric care has been left behind. Don’t get me wrong, some pretty amazing things have been accomplished, especially when we talk about infant mortality rates and vaccinations. The country has excelled in those areas. The infant mortality rate, a measure often used as an indication of general health status within a country, has dropped from 138/1000 deaths in 1958 to 14/1000 in 2010. The vaccination program began in the 1950s and by the early 1960s, included vaccines for smallpox, pertussis, diphtheria and tetanus. These programs have been so successful that the World Health Organization has recognized the Health Ministry repeatedly, and the rate of vaccination has reached nearly 99%. Almost unheard of in other countries.
Unfortunately, while this success has been growing, paediatrics as a specialty has lost ground, to the point where it is no longer recognized as a medical specialty. Currently, there are only 60 paediatric hospitals training paediatricians, with each hospital only training about 30 doctors a year. It is estimated that there is a critical shortage of paediatricians, somewhere around 200,000 to few paediatricians. At the current rate of training it would take 100 years to bridge the gap. And we know from the Chinese Medical Doctor Association statistics that at least 600 million children between infancy and 14 years of age fall ill annually. The number of paediatricians has increased by a mere 5,000 over the last 15 years. Certainly, nowhere close to the need. As Dr. Zhu Zonghan said at the recent China-US paediatrics development forum held in Shanghai, “Paediatric work in China, since its establishment, has progressed substantially in areas of offering healthcare to children, lowering the death rate of children and providing a healthy environment in which children can grow up. But as the need for paediatricians has grown over the years, a lack of well-trained paediatricians has emerged.” This is where Medical Care Technologies Inc. comes in. Each health and wellness center opened will offer the highest standard paediatric care possible. But along with that, we plan to offer training sessions so that doctors (and nurses) can become more familiar with the types of conditions that are prevalent, the latest in treatments and protocols. And we will be providing a range of wellness care programs so we will not only be treating the ill, but will offer ways for families to prevent sickness and ill health. This is a very exciting venture for us, and we look forward to taking part in changing the healthcare landscape in China and building on the excellent example that has been made so far.
Dr. Mark J. Langweiler, DC, DAAPM is the Medical Advisor for MDCE. He is also Senior Lecturer in Anatomy and Neuroanatomy at the Welsh Institute of Chiropractic, University of Glamorgan, Treforest, United Kingdom. Prior to his appointment at Glamorgan, Dr. Langweiler was the Director of Integrative Medicine at Atlantic Hematology Oncology Group in Galloway, NJ, USA.
September 26, 2011
Medical Care Technologies Inc. Appoints Dr. Mark J. Langweiler as Medical Director of Children’s Integrated Health Program
BEIJING, Sept. 26, 2011 – Medical Care Technologies Inc. (OTCBB: MDCE). Medical Care Technologies Inc. (OTCBB: MDCE), a rapidly growing children’s healthcare service provider, has named Dr. Mark J. Langweiler as Medical Director of its Integrated Health Program. The appointment marks the latest milestone in an ambitious plan to expand service capabilities into specialized healthcare areas in the Company’s Chinese health and wellness centers.
In his new role, Dr. Langweiler will oversee integrated healthcare operations for the Company’s Chinese subsidiary, Teddyberry(TM) and Company, ensuring consistency and excellence among all future Teddyberry(TM) locations. This will include oversight of education and training, clinical operations and quality initiatives.
“Dr. Langweiler has been instrumental in advising the Company thus far and we are excited for him to apply his invaluable clinical and leadership skills in this expanded role,” said Ning Wu, President of Medical Care Technologies Inc.
She added, “Dr. Langweiler’s extraordinary level of expertise in integrated health medicine and steadfast commitment to delivering high quality healthcare, exemplifies our mission.” Dr. Langweiler is presently a Consultant in Integrative Medicine at the College of Medicine in London, United Kingdom. Since 2008, he has been a Senior Lecturer at the Welsh Institute of Chiropractic Medicine at the University of Glamorgan in Wales. From 2005 to 2008, Dr. Langweiler was a Chiropractic Physician at the Bacharach Institute for Rehabilitation in New Jersey. He also served as Director at the Department of Integrative Medicine with the Atlantic Hematology-Oncology Group in New Jersey. Dr. Langweiler is Board Certified with the American College of Forensic Medicine, American College of Forensic Experts, American Academy of Pain Management and the British Chiropractic Association. He has also been keynote speaker for many health conventions and academic seminars, peer reviewed publications, in addition to writing numerous healthcare articles.
“Teddyberry(TM) and Company will provide preventative health and dental care, and educate our patients on key health and dental issues. Our lead-up to opening goals are being met and we now have assembled a gathering of top physicians from both the medical and dental fields to monitor and grow our kids health and wellness centers throughout China,” stated Luis Kuo, Chief Operations Officer of Medical Care Technologies Inc.
September 26, 2011
Medical Care Technologies Inc. to be Featured Guest on Business Radio Show ‘Your Monies Worth’
BEIJING, Sept. 26, 2011 — Medical Care Technologies Inc. (OTCBB: MDCE).Medical Care Technologies Inc. (OTCBB: MDCE), a growing children’s healthcare service provider, announced today that it will be featured on a live broadcast of ‘Your Monies Worth’ radio show. The program will air on Friday, September 23, 2011 between 10:00-11:00 AM EDT on WSBR 740AM South Florida, and worldwide on the web at www.wsbrradio.com.
Joining in live, Medical Care Technologies Inc. will be featured and spokespersons will answer questions covering China operations, direction, market conditions, expansion and long term plans. The long-running show is hosted by Mick Baszuly and co-host, Tina Locay, broadcasting from Beasley Broadcasting Studios in south Florida.
“We are looking forward to bringing back Medical Care Technologies Inc. for a progress report and discussing the favorable business conditions for healthcare companies in China,” stated Mick Bazsuly.
Statistics published by Beijing Times showed that the U.S. had three pediatricians for every 2,000 children compared to one for every 4,000 children in China. The Chinese government is investing heavily in its healthcare infrastructure with its Five Year Plan and, Medical Care Technologies Inc., with its model of healthcare and preventative medicine, is at the forefront and a favoured player with the Chinese government.
“We’re pleased that Medical Care Technologies Inc. is returning for their 2nd live broadcast,” said Luis Kuo, Chief Operating Officer of the Company. “This radio show provides a critical informational service to the business community by presenting thoughtful perspectives and expert reviews on what we’re doing in China for children’s healthcare,” he added.
‘Your Monies Worth’ has been on the air since 2002 and has showcased many progressive companies, allowing management of these companies to explain their business plan and address questions from the general public. Interested listeners who wish to submit questions, which may be read on air, in advance may do so by email to mickespn@aol.com. The show’s appearance will be on Friday, September 23, 2011 at 10:05AM and heard on 740AM South Florida, WSBR as well as live on the web at www.wsbrradio.com or www.medicaretechinc.com.
September 23, 2011
Medical Care Technologies Inc. Adds Dentistry to Its Healthcare Facilities and Appoints Renowned Dentist to Advisory Board
BEIJING, Sept. 23, 2011 – Medical Care Technologies Inc. (OTCBB: MDCE). Medical Care Technologies Inc. (OTCBB: MDCE), a rapidly growing children’s healthcare service provider, has taken another major step in establishing credibility as a new leader in China’s multi-billion dollar pediatric dentistry industry with the announcement of Dr. Feisel Haji, B.Sc. (HONS), D.D.S. to its Medical and Dental Advisory Board (MDAB). The Company is now hailed as the model of healthcare and preventative medicine and dentistry by top officials in China.
Dr. Haji, whose career in dentistry spans more than 15 years, brings a wealth of experience and professional insight to the Company. Dr. Haji maintains a private dental practice, Soho Dental, in downtown Toronto, Canada. He obtained his Doctor of Dental Surgery (D.D.S.) degree in 1996 from the University of Western Ontario, Canada. Upon graduating, he completed a hospital residency, treating medically compromised patients at Hamilton General Hospital. Dr. Haji practices all disciplines of dentistry with a particular interest in dental implant surgery, oral rehabilitation and pediatric dentistry. Dr. Haji is member of the Ontario Dental Association, the Toronto Implant Study Club and the Academy of General Dentistry.
“We are now addressing dentistry, the prevention and preservation of long term dental care using cutting-edge state-of-the-art tools and techniques to prevent tooth decay and address the issues of tooth loss in young children,” stated Ning Wu, President of Medical Care Technologies Inc. “In our efforts to provide our little patients with the high quality dental care they deserve at every visit, we have tapped the best in the field of dentistry. Dr. Haji’s experience in dealing with pediatric tooth decay, and the associated health implications, will be of tremendous benefit to our patients.” As an advisory board member, Dr. Haji will take the lead in guiding dental care and treatment initiatives for children in China and will help further shape the company’s Chinese subsidiary, Teddyberry(TM) and Company’s, dental hygiene department.
Dr. Haji states, “Poor oral health in children can hinder their ability to maintain good nutrition as well as adversely affecting their speech development.
Maintaining the baby teeth in good health can ensure the ideal development and eruption of the permanent teeth. It should be our goal to provide children with the best possible dental care as oral health is often a reflection of one’s overall general health and well being.” Dr. Haji’s appointment is the latest in a series of high profile appointments on the MDAB. The MDAB is a consultative panel offering strategic guidance so that the Company can tailor its medical and dental services and products to more effectively meet the needs of their patients. The appointments are part of the Company’s drive to recruit distinguished members of the medical and dental professions to ensure its children’s health and wellness centers serve at the forefront of new care initiatives and treatment standards.
The initial members of the MDAB are: Dr. Mark Langweiler (DC, DAAPM, DACFE), Dr.
Zhiping Bu (Director of Pediatrics, Nanning Red Cross Hospital), and Dr. Peter J. Herbert (MBBS, FRCP).
September 13, 2011
Medical Care Technologies inc. Closes $200,000 Bridge Loan Financing for Kids’ Health Center
BEIJING, Sept. 13, 2011 – Medical Care Technologies Inc. (OTCBB: MDCE), a rapidly growing children’s healthcare service provider, is pleased to announce that, through ReachOut Holdings Limited, its Hong Kong subsidiary, it has closed a $200,000 bridge loan agreement with a private investor for its first children’s health and wellness center located in Dongguan, Guangdong Province, China.
The terms of the bridge loan are unsecured and bear an annual interest rate of 10% for a thirty (30) day term. Reimbursement of the loan is due in principal plus all accrued interest at the end of the thirty day period.
This financing concludes the second last stage in funding to complete the licensing process of Teddyberry(TM) and Company, the Company’s Chinese subsidiary and to which the Company has named its first flagship children’s health and wellness center. The funds will be invested in a demand deposit account and will be used to fulfill the requirements of Chinese government health authorities of proving ReachOut’s strong financial backing from accredited investors.
Teddyberry(TM) and Company, once completed, will be a 4,000+ square foot facility that is expected to serve a community and broader metropolitan area of 10 million people, including more than 1 million children. The health center will also directly serve the two (2) neighboring municipalities of Guangzhou and Shenzhen, home to over 25 million residents. Management expects its children’s health center to treat roughly a minimum of 300 patients weekly, generating an estimated $30-40 million Yuan Renminbi (RMB) in revenues, which translates to approximately $4.5 to $6 million U.S. Dollars in revenues yearly.
“This financing marks a significant milestone in the development of the Teddyberry(TM) project,” said Ning Wu, CEO and President of Medical Care Technologies Inc. “We are very pleased with the strong investor reception for this financing, which we view as a validation of our children’s healthcare development efforts.”
June 13, 2011
Medical Care Technologies Inc. To Expand Pediatric Healthcare Network to Other Provinces in China
June 10, 2011
Medical Care Technologies Inc. Unveils Name of Flagship Children’s Healthcare Center
June 9, 2011
Medical Care Technologies Inc. Raises Financing to Fully Fund its Children’s Health Center License and Launch of Its Operations
June 7, 2011
Medical Care Technologies Inc. to be Featured on ‘Your Monies Worth’ Business Radio Program to Discuss Healthcare Plans in China
June 6, 2011
Medical Care Technologies Inc. Welcomes Wyndam as Media Relations
June 6, 2011
Medical Care Technologies Inc. Signs Operating Lease for New Children’s Healthcare Center
June 3, 2011
China Opens the Door for Medical Care Technologies Inc.
May 27, 2011
Medical Care Technologies Inc. Forms New Medical Advisory Board
May 12, 2011
Medical Care Technologies Inc. Selects Geographical Location for Flagship Children’s Health Center
May 3, 2011
Medical Care Technologies Inc. Signs Master Agreement for Pediatric Partnership in China
April 26, 2011
Medical Care Technologies Inc. Selects Virmmac, LLC for U.S. Marketing and Investor Relations
April 19, 2011
Medical Care Technologies Inc. Signs Letter of Intent for Joint Venture in China
February 22, 2011
Medical Care Technologies Inc. Appoints New Chief Operations Officer
Feb. 18, 2011
Medical Care Technologies Inc. Provides Corporate Update
