Medical Care Technol (OTCBB:MDCE)

Medical Care Technologies Inc. Raises Financing to Fully Fund its Children's Health Center License and Launch of Its Operations

Medical Care Technol (OTCBB:MDCE)
Today : Thursday 9 June 2011
Medical Care Technologies Inc. (OTCBB: MDCE), a growing children's healthcare service provider, is pleased to announce today that it has secured its final funding round for license application approval in the City of Dongguan, China.

Medical Care Technologies Inc. has raised a total of approximately US $300,000 from a new group of private investors. This funding will see the Company through to the approval of the license application for the operation of its pediatric health and wellness center. Of the total amount raised, approximately US $150,000 will be invested directly into the health center project. In addition, Management is set to close discussions for the provision of a US $2,000,000 three-year construction loan bearing all-in, fixed interest of 3.95% with a major national bank in China within the next thirty days.

With financing in place, construction on the new health care facility is set to begin this summer. Management anticipates the facility to open substantially ahead of its spring 2012 schedule and cash flow in the fourth quarter of the current year.

"We are pleased to have the new shareholders supporting our important mission. The amount of new funding and the quality of the investors reflects Medical Care's ability to balance important social goals while maintaining the required private sector returns," stated Luis Kuo, Chief Operations Officer of Medical Care Technologies Inc.

"I am delighted that our license application is now fully funded and we are now working towards a firm launch date. This news means that we are now truly set to open business – our shareholders can be assured that Medical Care Technologies Inc. is a reality. We look forward to the next few months up to launch when we will be able to see a lot of hard work come to fruition," said 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. Information on the Company can be found at www.sec.gov and the Company's website at www.medicaretechinc.com.