MEDICAL CARE TECHNOLOGIES INC. TO INSTITUTE STOCK BUY BACK PLAN FOR COMPANY EXPANSION


24 Jun

(World Press Release) BEIJING, CHINA – June 27, 2011 – Medical Care Technologies Inc. (OTCBB: MDCE), a growing children’s healthcare service provider, announced today that, with the opening of its first flagship pediatric health and wellness center set to open in a few short months and its plans for additional health center openings, the Company is strategizing to buy back up to USD $1.5M worth of its common shares over the next six months.

Medical Care Technologies Inc. announced that funding has been obtained for its health center license and now will open and operate the first of five planned children’s healthcare facilities in China over the next eighteen months (June 9 and 13, 2011 news releases). Its flagship health center is set to open well ahead of the initial spring 2012 launch date in the heart of Dongguan, Guangdong, one of China’s fastest growing and wealthiest provinces, with added health centers planned in China’s larger and rapidly expanding Tier-2 cities to service the growing economy and population.

With the proposed purchase of up to USD $1.5M of its own stock and return it to the Company’s treasury, Management believes it will enhance the value of the Company for future expansions.

“We have made tremendous strides forward over the past six months and now will be generating cash flow once our health center is opened. We are extremely confident in the long-term growth of our children’s healthcare operations in China and our plans to repurchase our stock will only add to shareholder value,” said Luis Kuo, Chief Operations Officer of Medical Care Technologies Inc.

“I am pleased that the Board is stipulating to buy back its shares. We want to demonstrate our commitment to returning capital to our shareholders,” stated Ning Wu, President of Medical Care Technologies Inc.

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