Business
Medical Care Technologies Inc. New CEO Provides Shareholder Update
Medical Care Technologies Inc. New CEO Provides Shareholder Update.
About this update from Medical Care Technologies Inc.
[{"type":"text","content":"\n \n \n Medical Care Technologies Inc. New CEO Provides Shareholder Update\n \n \nMedical Care Technologies Inc. New CEO Provides Shareholder Update\n \n 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:\n Dear Shareholders:\n 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.\n 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. \n 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.\n In order to improve trading liquidity and the capital structure, MDCE effected a 2000:1 reverse split of its common stock in August 2013. \n Financing\n Now that we have completed the necessary restructuring work, new funding options have now opened which MDCE is considering to fund f...