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Adjustment to Conversion Rate of China Medical's Convertible Notes

2007-07-19 11:30 752

BEIJING, July 19 /Xinhua-PRNewswire/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based medical device company that develops, manufactures and markets advanced in-vitro diagnostic products and high intensity focused ultrasound tumor therapy systems, today announced that the conversion rate for its US$150 million outstanding 3.5% Convertible Senior Subordinated Notes due November 2011 (the "Convertible Notes") will be adjusted from 31.0318 American Depositary Shares ("ADSs") to 31.3953 ADSs for each US$1,000 original principal amount of Convertible Notes with reference to the closing market price of the Company's ADSs on July 17, 2007. The resulting conversion price for the Convertible Notes will be reduced from US$32.225 to US$31.852. The adjustment will be effective immediately prior to the opening of business on July 18, 2007, Eastern Standard Time. The adjustment is required, in accordance with the terms of the indenture governing the Convertible Notes, as a result of the Company's declaration of cash dividend of US$0.04 per share, equivalent to US$0.40 per ADS. Assuming full conversion of the Convertible Notes, additional 545,250 ordinary shares, equivalent to 54,525 ADSs will be issued by the Company as a result of the adjustment to conversion rate.

About China Medical Technologies

China Medical Technologies is a leading China-based medical device company that develops, manufactures and markets advanced in-vitro diagnostics products using Enhanced Chemiluminescence (ECLIA) technology and Fluorescent in situ Hybridization (FISH) technology, to detect and monitor various diseases and disorders, and system using High Intensity Focused Ultrasound (HIFU) for the treatment of solid cancers and benign tumors. For more information, please visit http://www.chinameditech.com.

Source: China Medical Technologies, Inc.
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