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Follow on Google News | Medical Care Technologies Inc. Closes $200,000 Bridge Loan Financing for Kids' Health CenterThis financing concludes the second last stage in funding to complete the licensing process of Teddyberry™ and Company, the Company's Chinese subsidiary and to which the Company has named its first flagship children's health and wellness center.
By: Shu Bei 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™ 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™ 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™ 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." 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. 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; Suzanne Holbrook Contact: Shu Bei Medical Care Technologies Inc. Room 815, No.2 Building, BeiXiaoJie, DongZhiMenNei, Beijing 10007 (852) 8122-9660 contact@medicaretechinc.com http://www.medicaretechinc.com End
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