Medical Care Technologies, China based information technology provider to the healthcare industry, has signed a letter of intent with Ocean Wise International Industrial Limited (OWII), a private Hong Kong investment holding company to establish a joint venture for the purpose of opening and operating private pediatric clinics throughout China.

The non-binding letter of intent outlines a framework under which the parties will negotiate the formation of a joint venture for the opening and operation of private pediatric clinics and installing its healthcare information system in these children's health centers. The desired outcome of the joint venture is to provide a sustainable and profitable delivery of quality healthcare to children in China.  

"Medical Care brings extensive scientific expertise and experience in the information technology industry, specifically in the healthcare sector.  Combining our companies' resources will provide a unique opportunity to further advance our business plan initiatives and to leverage those resources to open up in the China marketplace," stated Luis Kuo, Chief Operating Officer of Medical Care.

"We believe that OWII's extensive network of resources and that our joint venture with Medical Care could provide more effective, affordable and sustainable healthcare solutions," stated Bei Shu, spokesperson for OWII.

The letter of intent contemplates that Medical Care and OWII will each contribute technology, research and development, financial and other resources to the joint venture, but the specific terms and conditions of those contributions remain subject to negotiation and preparation of definitive agreements for the joint venture. Completion of the joint venture and any binding obligations between the parties will arise only after the negotiation and execution of definitive agreements that are mutually acceptable to both Medical Care and OWII.