BEIJING, May 2, 2011 /PRNewswire/ -- Medical Care Technologies Inc. (OTCBB: MDCE), an information technology provider to the healthcare industry, today announced the signing of a Joint Venture Master Agreement ("JV Master") with Ocean Wise International Industrial Limited ("OWII"), a private Hong Kong investment holding company, to partner in China's rapidly expanding pediatric healthcare segment.
The 65-35 joint venture partnership has established ReachOut Holdings Limited ("RHL"), incorporated in Hong Kong, in order to open and operate pediatric health clinics throughout China.
Under the ten (10) year JV Master Agreement, Medical Care Technologies Inc. will own a 65% controlling interest in RHL, contributing medical software technology, technical expertise, research and development and financial resources. In turn, OWII, with its 35% interest, will provide the funding necessary to establish operations, and an executive management team to negotiate i) lease operating agreements; ii) license approval applications with appropriate Chinese government agencies and; iii) the operation and management of pediatric clinics.
"The potential for this unique partnership holds immense opportunity and would translate into improved coordination and delivery of quality pediatric care in China, which is aligned with Medical Care's mission to improve the health of children through the prevention and treatment of illness, disease and injury," stated Luis Kuo, Chief Operating Officer of Medical Care.
"Medical Care shares our commitment to healthcare and excellence, which makes them a logical partner," stated Bei Shu, spokesperson for OWII. "This partnership will allow us to provide a sustainable and profitable delivery of quality healthcare to children in China."
About Medical Care Technologies Inc.
Medical Care Technologies Inc. is traded under the symbol MDCE on the OTCBB and is headquartered in Beijing, China. The Company's planned products and services constitute children's health clinics and a healthcare delivery and wellness site; dedicated to helping Chinese consumers live healthier, more balanced lives. MDCE plans, through a Chinese subsidiary, to develop 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. In addition, MDCE provides advanced connectivity, internationally standardized and secure business, technology and information systems to assist the Chinese health industry - physicians, pharmacists, medical institutions, consumers – access medical resources, health services, education, and health products throughout China. MDCE will also distribute a diverse range of industry-leading product lines in three segments: Medical Devices, Pharmaceuticals and Nutriceuticals. It is the Company's goal to become a health care 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; 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.
SOURCE Medical Care Technologies Inc.