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China Medical Technologies Announces Concurrent Offerings of $150 Million of Convertible Senior Notes and Purchased ADSs Pursuant to ADS Issuance and Repurchase Agreements
Date:8/11/2008

BEIJING, Aug. 11 /Xinhua-PRNewswire-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED) today announced that it intends to offer, subject to market and other conditions, $150.0 million aggregate principal amount of convertible senior notes due 2013 and American Depositary Shares, or ADSs, which are being purchased by affiliates of the underwriters of the notes offering pursuant to ADS issuance and repurchase agreements with the Company. The Company intends to grant to the underwriters of the notes offering an option to purchase up to an additional $22.5 million aggregate principal amount of notes to cover over-allotments.

The Company intends to use the net proceeds of the notes offering, after deducting underwriting discounts and offering expenses, for general corporate purposes and for the acquisitions of businesses, products and technologies that the Company believes will complement its existing business.

In connection with the notes offering, the Company expects to enter into ADS issuance and repurchase agreements with affiliates of the underwriters of the notes and ADS offerings (the "ADS purchasers"), pursuant to which the Company will issue ADSs to the ADS purchasers at a purchase price of $1.00 per ADS, which is equal to the par value of the underlying ordinary shares. The ADS purchasers will be obligated to deliver to the Company an equal number of ADSs on a later date as described below, and, on the day the Company issues the purchased ADSs to the ADS Purchasers, the Company will prepay to the ADS purchasers $1.00 per ADS to repurchase these ADSs to be delivered to the Company in the future. Concurrently with the notes offering, the ADS purchasers will sell the purchased ADSs pursuant to a
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SOURCE China Medical Technologies, Inc.
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