Good morning everyone. The following letter to all MDCE shareholders, from CEO Ning Chung Wu, was released earlier today.
BEIJING, CHINA – 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 with you. 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 21st century future (Business in Asia, March, 2012).
Once license approval was granted, our consultants in Shenzhen moved to quickly select a centralized and 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 can be completed rather quickly in China. Our project development and construction crews are ready to start as soon as we finalize our construction financing. We expect our Shenzhen center to be open to the public by the end of the 2012 fiscal year.
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 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 to open there at no ongoing costs. 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 for 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.
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.
AI
