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The short strange trip of Medical Care Technologies Inc.

Hong Kong entrepreneurs work with an Englishwoman to turn an American oil company into a publicly-traded pharmaceutical outfit, under the leadership of a Canadian woman who will target the Chinese domestic market.
Written by Dana Blankenhorn, Inactive on

The story of Medical Care Technologies Inc. is a great illustration of how interconnected China and the U.S. have become.

MCT says today it wants to bring telehealth services to the center of China. One example is a continuous glucose monitoring system, part of a larger Tele-Health Suite it is building through acquisitions.

To make all this work, however, required an investment vehicle.

The vehicle was found last year, in the form of a California oil company then called Aventerra Explorations. That company was turned into American Oil Resources, which within months was into the steam injection business, a method of recovering additional oil from played-out fields.

But this was just a first step of a larger plan helmed by Patricia Traczykowski, who before joining Aventerra was working with the chamber of commerce in London, England, on the problems of disadvantaged communities.

Throughout the end of last year, apparently,  Traczykowski was engineering a reverse-takeover of the company by Hong Kong entrepreneurs.  She had a listed public company, the Chinese had technology assets requiring capital.

What was needed was a strategy.

All this went down Monday. Traczykowski's company, now renamed Medical Care Technologies Inc., acquired Great Union Corp. of Hong Kong for stock. Traczykowski was immediately replaced as CEO by Ning-Chung Wu, a Toronto-based serial entrepreneur who since 1995 has been  Open Planet Enterprises, which sees itself as a bridge between Asian and North American markets.

Ning-Chung's job will be to execute the strategy, which is to use tele-health in order to make the new company a leader in the Chinese "nutriceutical" market, which Americans know as health supplements. The company says that this is a $6 billion opportunity in China, growing much faster than the market here.

The Hong Kong technology will be used to create a sort of Chinese WebMD, with e-mail, content licensing and e-commerce. But through medical devices (like that glucose monitor) the new company will be a lot closer to its customers than a Web page.

I found the whole tale fascinating, not just because it's complex and clever, but because of what it says about the interconnection of markets and people today, and how Internet technology is the key to all of it. Before posting, I double-checked my facts through a Florida venture capital specialist who was listed on the final release.

Consider. Hong Kong entrepreneurs work with an Englishwoman to turn an American oil company into a publicly-traded pharmaceutical outfit, under the leadership of a Canadian woman who will target the Chinese domestic market.

Internet technologies are key to this, on several levels, and the result should be health IT infrastructure that gets directly into the bloodstream of its customers. It's the kind of thing that is just becoming available in the U.S. It could be in China within a year.

If trade or technology relations between the U.S. and China are disrupted all this can collapse like a house of cards.

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