BEIJING, Sept. 18 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc., a leading China-based medical device company that develops, manufactures and markets advanced in-vitro diagnostic products, today announced that its board of directors (the “Board”) approved a share repurchase program on September 17, 2009.
The Board has authorized the Company to repurchase up to US$30 million worth of its outstanding American Depositary Shares (“ADSs”) for a period of one year, commencing on October 1, 2009. Under the terms of the program, repurchases may be made from time to time on the open market at prevailing market prices or in block trades, in accordance with the “Safe Harbor” requirements of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may effect the repurchases pursuant to a 10b5-1 plan (which allows the Company to repurchase its ADSs during periods in which it may be in possession of material non-public information) or otherwise. The timing and extent of any repurchase will depend upon market conditions, the trading price of ADSs and other factors, and subject to the restrictions relating to volume, price and timing under applicable laws and regulations. The Company expects to implement this share repurchase program in a manner consistent with market conditions and the interest of the shareholders. The Company’s Board will review this share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. The program may be suspended or discontinued at any time. The Company plans to fund repurchases made under this program from its available cash balance.
The record date for the Company’s ADS holders for the declared cash dividend of US$0.55 per ADS is September 30, 2009.
About China Medical Technologies, Inc.
China Medical Technologies is a leading China-based medical device company that develops, manufactures and markets advanced in-vitro diagnostic (IVD) products using Enhanced Chemiluminescence (ECLIA) technology, Fluorescent in situ Hybridization (FISH) technology and Surface Plasmon Resonance (SPR) technology to detect and monitor various diseases and disorders. For more information, please visit http://www.chinameditech.com .
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. 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:
Winnie Yam Tel: +852-2511-9808 Email: IR@chinameditech.com
