MANHASSET, N.Y., Feb. 9, 2001 (PRIMEZONE) - Neurotech Development Corp. (OTCBB:NURO) today announced that it has entered into a memorandum of understanding with the Shanghai Civil Affairs Bureau on behalf of International Humanitarian Development Ltd., Hong Kong.
International Humanitarian Development is a joint venture between China Chen South American Construction Contracting (CCS) and Neurotech that will be formed under Hong Kong law, subject to completion of final documentation. This is the first new project that will be undertaken by the joint venture. This project is a 43.5-acre community for senior citizens which is to consist of an assisted living facility, a skilled nursing facility and a geriatric hospital. These facilities will be constructed in a turnkey fashion utilizing the Neurotech Health Care System.
The project, which is preliminarily budgeted at US$50 million, is expected to take approximately two-and-one-half years to construct. An engineering and architectural team will begin work in March 2001 to finalize the budgets and plans for these facilities. The project is subject to preparation of final budgets, plans and documents, and obtaining financing including the financing to relocate the existing enterprises and to demolish the existing facilities. A 20% deposit is required from the Shanghai Civil Affairs Bureau prior to the commencement of the project. The company believes that the combined resources of the joint ventures should provide those resources required to negotiate and complete this project in a timely fashion.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
Certain statements contained in this press release are not based on historical facts, but are forward-looking statements that are based upon numerous assumptions about future conditions that could prove not to be accurate. Actual events, transaction and results may materially differ from anticipated events, transactions or results described in such statements. The Company's ability to consummate such transactions and achieve such events or results is subject to certain risks and uncertainties. Such risks and uncertainties include, but are not limited to, the existence of demand for and acceptance of the Company's products and services, regulatory approvals including those of foreign governments and regulatory changes, risks relating to international investments and business operations, dependence upon suppliers and strategic partners, adverse economic conditions, the impact of competition, the ability to obtain financing, the cost of financing and other factors affecting the Company's business that are beyond the Company's control. The Company undertakes no obligation and does not intend to update, revise or otherwise publicly release the result of any revisions to these forward-looking statements that may be made to reflect future events or circumstances.