BEIJING, CHINA--(Marketwired - Jan 16, 2014) - Medical Care Technologies Inc. (OTC Pink: MDCE), a healthcare company providing family healthcare services in China, has released the following announcement by its newly appointed Chief Executive Officer and President, James Lau:
As the newly appointed CEO and President of Medical Care Technologies Inc., I thought it was a good time to address shareholders and outline where the Company is headed in the coming months.
Since embarking on its healthcare plan initiatives in China in 2011, MDCE has focused its efforts on three strategies: provide IT solutions to the healthcare industry in China, construct and operate specialized children's healthcare clinics and, distribute a diverse range of pharmaceutical and nutraceutical product lines. MDCE's declining share price over the past few years have made it difficult to obtain the necessary capital to further develop and contribute its JV share of capital towards the construction of children's healthcare clinics in Dongguan and Shenzhen.
As MDCE's share price had declined considerably to below a penny per share, the trading liquidity had essentially ceased. This prevented MDCE from being able to tap into its equity valuation and, thus, any prospects of MDCE coming up with the necessary capital for its proportionate JV share in completing the clinics were dwindled by the lack of access to sufficient capital. Furthermore, MDCE's loan from its JV partner, Ocean Wise, matured on December 12, 2012 and all principal and accrued interest became immediately due and payable at that time. MDCE defaulted and, consequently, MDCE transferred 40% of its 65% ownership interest in the JV to Ocean Wise. Since then, Ocean Wise has embarked solely on the continued funding and operation of the projects. We will provide project developmental updates in the coming weeks.
In order to improve trading liquidity and the capital structure, MDCE effected a 2000:1 reverse split of its common stock in August 2013.
Now that we have completed the necessary restructuring work, new funding options have now opened which MDCE is considering to fund future operations, details of which will be forthcoming. Once a suitable funding is completed, the Company will address specific options in furthering completion of healthcare clinic initiatives into new markets. These developments have been designed to enhance the value of the Company and, accordingly, both current and future stockholder prospects and will be announced in the coming weeks.
Next Steps and Operational Focus
Our primary goals for the next 9 months are focused on 5 key strategies:
1. Building on our leading-edge medical software technologies and our comprehensive, integrated healthcare medicine know-how.
2. Commercializing these technologies and intellectual properties by creating a franchise network of family focused integrated healthcare clinics.
3. Consolidate and refine these medical technologies and systematically create procedures and systems for the management of the integrated healthcare clinics.
4. Continue to penetrate the developing Asian healthcare markets where our innovative approach to integrated healthcare delivery is a huge untapped market opportunity.
5. With a well-designed and well supported franchise network, MDCE believes it can be successful in helping to deliver sustainable better healthcare to communities while returning good investment profits to direct investors.
"In closing, we appreciate the continued strong interest from our shareholders as Medical Care Technologies Inc. undergoes a revival to build upon the foundation and early phases of development laid out by previous management. While today will not satisfy all the questions that remain, we believe this most recent set of announcements provide a level of clarity to some of your questions. There are many challenges that lie ahead and also huge opportunities await us in our target markets. We are confident that we are taking the right steps forward," James Lau concluded.
About Medical Care Technologies Inc.
Medical Care Technologies Inc. is traded under the symbol MDCE on the OTC Markets and is headquartered in Beijing, China. MDCE, through joint ventures or Chinese subsidiaries, develops a network of family and children's health facilities in the larger urban areas throughout China. Services are geared towards the advancing economic middle-class Chinese families. MDCE's role is to enhance the overall well-being of the family and community and to expand its healthcare services to include preventative health and wellness education. MDCE's main mission is simple -- to become a healthcare service provider leader in family and children's health. Information on the Company can be found on 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.