Medical Care Tech (OTC:MDCE) Raises $200K from PIPE

Tomahawk, WI 9/13/2011 (PennyPayDay) – Medical Care Technologies Inc. (OTC:MDCE), a rapidly growing children's healthcare service provider, announced today, in a press release, that, through ReachOut Holdings Limited, its Hong Kong subsidiary, it has closed a $200,000 bridge loan agreement with a private investor for its first children's health and wellness center located in Dongguan, Guangdong Province, China.

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."

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