Northern, WI 1/23/12 (StreetBeat) -- Medical Care Technologies Inc. (OTCBB: MDCE), a growing children's healthcare service provider, is pleased to announce that it has closed a $130,000 loan agreement with a private Hong Kong company. Proceeds will go towards license completion and construction to operate its first children's health and wellness center located in Dongguan, Guangdong Province, China.The terms of the loan are unsecured and bear an annual interest rate of 12% for twenty four (24) months.
This financing concludes the 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 new state of the art health center will be a 4,000+ square foot facility and will be geared towards shifting the focus of children's health from intervention to prevention. The health center will provide numerous integrated and preventative health care services and health care issues will be seen from the perspective of the child and family. The Company's vision of a child/family-centered health care delivery system as stated in its mission statement is "Healthy children in healthy homes."
"Achieving financial close is a crucial step forward in securing this license to deliver a state-of-the-art facility that will make a lasting impact on healthcare in Dongguan," stated Luis Kuo, COO of Medical Care Technologies Inc. "We are excited and proud to direct an investment on behalf of our investor that will support the future operation of Teddyberry™ and Company."
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