Yesterday, Medical Care Technologies, Inc. announced that it had obtained the necessary funds for the licensing of its pediatric health and wellness center in Dongguan, China. MCT has raised approximately $300,000 from a group of private investors.
Medical Care Technologies, Inc. is located in Beijing, China and develops a network of urban Chinese pediatric health care centers through joint ventures and subsidiaries. These centers specialize in the care of children ages 3 to 16, and is geared towards serving middle and upper class Chinese families. MCT is also planning on distributing a line of pharmaceutical and nutraceutical products.
The funding that has been obtained will serve to keep MCT solvent through the approval of the license application for the new center. $150,000 will be invested into the center itself. MCT management is also in the final stages of obtaining a $2,000,000, three-year construction loan bearing all-in, fixed interest of 3.95% for the center, obtained from a Chinese bank within the next 30 days. Medical Care Technologies management is anticipating that construction will begin over the summer, and will open before Spring 2012.
Luis Kuo, Chief Operations Officer of Medical Care Technologies, Inc. said, “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.”
“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.