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China Medical Technologies Announces Signing of Respective Strategic Collaboration Agreement with Standard Chartered Bank (China) Limited and Guangdong Development Bank

2010-11-23 15:17 1042

BEIJING, Nov. 23, 2010 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced that it has signed a strategic collaboration agreement with Standard Chartered Bank (China) Limited ("Standard Chartered China") and that the Company's wholly-owned subsidiary, Beijing Yuande Bio-Medical Engineering Co., Ltd. ("Beijing Yuande"), has signed a strategic collaboration agreement with Guangdong Development Bank ("GDB").

Under the terms of the respective agreement, Standard Chartered China intends to provide US$25 million of credit facilities to the Company and GDB intends to provide RMB300 million of credit facilities to Beijing Yuande. The credit facilities will support the corporate development of the Company and Beijing Yuande. Detailed terms of the credit facilities will be subject to the respective bank's requirements and relevant banking regulations.

"We are pleased to have entered into strategic collaboration agreements with Standard Chartered China and GDB which demonstrate their confidence in and support of our businesses," commented Mr. Sam Tsang, Chief Financial Officer of the Company. "We believe that the credit facilities to be provided by Standard Chartered China and GDB will become a component of our financing in the future."

"This collaboration agreement will further strengthen our strategic partnership with CMED, the leading advanced IVD company focusing on China market," commented Lisa Wang, Managing Director and Head of Local Corporates, Standard Chartered China. "We will continue to support CMED's business development by providing full range of financial solutions to the Company. We believe the signing of the agreement will bring our relationship to a new stage."

"We have over 7 years of business relationship with Beijing Yuande and have seen its solid growth during this period," commented Mr. Zhaosheng Xu, Head of Corporate Banking, Beijing branch of GDB. "We are excited to have this opportunity to broaden our relationship and to work towards providing credit facilities to Beijing Yuande to support its further development. We are also interested in providing credit facilities to support Beijing Yuande's fellow subsidiary, GP Medical Technologies, which operates in molecular diagnostic sector."

About China Medical Technologies, Inc.

China Medical Technologies, Inc. is a leading China-based advanced IVD company using molecular diagnostic technologies including Fluorescent in situ Hybridization (FISH) technology and Surface Plasmon Resonance (SPR) technology as well as Enhanced Chemiluminescence Immunoassay (ECLIA) technology, an immunodiagnostic technology to develop, manufacture and distribute diagnostic products for the detection of various cancers, diseases and disorders. The Company generates all revenues in China by selling diagnostic consumables including FISH probes, SPR-based DNA chips and ECLIA reagent kits to hospitals which are recurring users of the consumables for their patients. The Company sells FISH probes and SPR chips to large hospitals through its direct sales force and ECLIA reagent kits to small and mid-size hospitals through distributors. For more information, please visit http://www.chinameditech.com.

About Standard Chartered Bank

Standard Chartered PLC is a leading international bank, listed on the London and Hong Kong stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.

With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for its 75,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank's heritage and values are expressed in its brand promise, 'Here for good'.

For more information on Standard Chartered, please visit http://www.standardchartered.com

About Guangdong Development Bank

As approved by the State Council and PBoC to be a national joint-stock commercial bank, Guangdong Development Bank (GDB) was officially established on 8th September 1988 and headquartered in Guangzhou. By the end of 2009, it has total assets amounting to RMB666.5 billion. The Bank has established 29 branches and a total of 521 outlets among economically-advanced regions such as the Pearl River Delta, Yangtze River Delta, Bohai Sea Rim Region and the Macao SAR, along with representative offices in Beijing and Hong Kong.

For more information on Guangdong Development Bank, please visit http://www.gdb.com.cn

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute "forward-looking" statements within the meaning of 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. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Specifically, there can be no assurance that any credit facility will be entered into between the Company and Standard Chartered China, GDB or any other financial institution.  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.

Contact

 

 

Winnie Yam

 

Tel: 852-2511-9808

 

Email: IR@chinameditech.com

 
 


Source: China Medical Technologies, Inc.
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