To: LANCE B who wrote (7290 ) 6/17/2000 6:10:00 PM From: LANCE B Respond to of 11130
Neurotech Adds $90,000,000 Of New Projects In China NEW YORK, May 31 /PRNewswire/ -- Neurotech Development Corporation (OTC Bulletin Board: NURO) announced today that it has entered into a series of additional new contracts in China. These additional contracts are a result of the years of diligent effort, perseverance, expertise and additional strategic relationships. 50,000,000 90 Acre Senior Citizens community with Geriatric Hospital Neurotech has entered into agreement with Shanghai Dadian Biological Technology Development Co. Ltd., to develop a 90 acre senior citizen community with a 50 bed geriatric care hospital. These facilities will include a full recreation area plus 1000 apartments featuring 2000 beds of assisted living and 34 units consisting of 200 beds in a ward configuration. The hospital will be host to a complete geriatric database, and will evaluate, test, and clinically record data on traditional Chinese medicines. This $50,000,000 senior care community is one of many planned senior residential communities designed to address the aging problem of the Chinese population. This is one of the largest planned geriatric communities in China. These facilities will be operated by Shanghai Dadian Biological Technology Development Co. Ltd., and will be opened in phases. These facilities are anticipated to take 3 years to complete. All architectural drawings, relevant models, geological surveys, engineering reports and statistical data have been completed and filed with the appropriate governmental authorities. The company anticipates that the earliest commencement date for this project would be October 2000. The company and its strategic partner are confident that the term and budgets for this project are commercially reasonable. 40,000,000 Cancer Research and Treatment Hospital Neurotech has entered into agreement to build the No. 4 People's Hospital Tai-Xing City, Jiangsu Province and Ren'ai Tumours Therapeutic Centre and Jiangsu Development Authority. This is a multi-tiered project which will incorporate numerous entities into a single treatment and research center specializing in the diagnosis and treatment of cancers, with specialties in liver and stomach cancer. Combinations of refined western diagnostics will be deployed in conjunction with treatments utilizing traditional Chinese medicines and therapies, as well as western surgical practices, and treatments. The hospital is anticipated to be 150,000 sq. feet, with a minimum of 250 beds, with fully enhanced outpatient services departments, trauma center, helipad, research and education center. This facility is anticipated to take 3 years to complete, and will cost approximately $40,000,000. The statements contained in this news release which are not historical facts may be "forward-looking" statements that involve risk and uncertainties which could cause material results to differ materially from those anticipated. For example, statements that describe the companies hopes, plans, goals, intentions and expectations are forward-looking statements and are only made as of the date of this news release. Numerous factors, many of which are beyond the company's control, may affect actual results. The company undertakes no responsibility to update such forward-looking statements to reflect subsequent events or circumstances. SOURCE Neurotech Development Corporation CO: Neurotech Development Corporation; Shanghai Dadjan Biological Technology Development Co. Ltd. ST: New York, China IN: HEA MTC SU: CON 05/31/2000 11:03 EDT prnewswire.com