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
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Winnie Yam
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Tel: 852-2511-9808
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Email: IR@chinameditech.com
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SOURCE China Medical Technologies, Inc.