BEIJING, Jan. 8 /Xinhua-PRNewswire-FirstCall/ -- China Medical Technologies, Inc. (the “Company”) (Nasdaq: CMED), a leading China-based medical device company that develops, manufactures and markets advanced in-vitro diagnostic (“IVD”) products and high intensity focused ultrasound tumor therapy system, today announced that it has completed its previously announced acquisition (the “Acquisition”) of the entire interest in Beijing Bio-Ekon Biotechnology Co., Ltd (“BBE”), a fast-growing ECLIA player in China. The Acquisition is expected to strengthen the Company’s leading position in advanced IVD market in China.
The Company expects the Acquisition to be accretive immediately from the current quarter ending March 31, 2008, resulting in increases in both revenues and adjusted non-GAAP net income.
About China Medical Technologies
China Medical Technologies is a leading China-based medical device company that develops, manufactures and markets advanced IVD products using Enhanced Chemiluminescence (ECLIA) technology and Fluorescent in situ Hybridization (FISH) technology, to detect and monitor various diseases and disorders, and products using High Intensity Focused Ultrasound (HIFU) for the treatment of solid cancers and benign tumors. For more information, please visit http://www.chinameditech.com .
About Beijing Bio-Ekon Biotechnology Co., Ltd.
Founded in 1999, BBE commenced business in selling ELISA IVD products in China. In 2006, BBE launched its first semi-automatic ECLIA analyzer and related reagents upon receiving approval from the State Food and Drug Administration. BBE has sales offices in Beijing, Guangzhou, Wuhan, Qingdao and Chengdu to conduct direct sales and manage distributors in selling its products to over 800 hospitals in China.
Safe Harbor Statement
This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the expectations of BBE’s contributions to the Company’s leading position in advanced IVD market in China and its future financial results in this press release contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including risks related to the ability of the Company to successfully integrate BBE’s businesses into the Company’s existing operations in a timely manner and the successful launch and market acceptance of BBE’s future products in China. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
For more information, please contact:
Sam Tsang
China Medical Technologies, Inc.
Tel: +86-10-6530-8833
Email: IR@chinameditech.com