Medical Care Technologies Inc. (OTC:MDCE) Stock Takes a Hit: Here is Why

It may well be a good time to keep an eye on Medical Care Technologies Inc. (OTC:MDCE), given the latest developments with regards to its fully owned subsidiary unit, Infinite Auctions LLC. Infinite Auctions is a premium auctioning organization in the sports memorabilia space. On March 19, the auction house announced that it had acquired the jersey worn by LeBron James during the iconic 2016 NBA Final and that it constituted a historic piece of basketball memorabilia.

The jersey had been worn by the basketball star as he took the Cleveland Cavaliers to their only championship victory in history. It was also announced that the jersey commanded a market valuation of $5 million. The victory enjoyed by the player in the 2016 finals is widely regarded as the most important of his storied career. His team, the Cavaliers, had managed to stage a comeback after being 1-3 down against the Golden State Warriors to win the title. It was the first time in the history of the NBA that a team had managed to overturn such a deficit, and hence the jersey worn by LeBron James had such significance. 

The Chief Executive Officer of Infinite Auctions, Marshall Perkins, spoke about the development as well. He noted that everyone at the company was thrilled at the fact that the company had been able to acquire perhaps the most important jersey ever won by LeBron James as far as the collectibles industry was concerned. He noted that the fact that jerseys had a market value of $5 million constituted a power move from Infinite Auctions that could have a profound impact on the sports collectible industry as a whole. The company completed the acquisition by exchanging 100,000,000 shares of the restricted common stock in Medical Care Technologies. It remains to be seen if the company comes into focus today or not.