China Medical Technologies Announces the Completion of the Sale of its HIF... ( BEIJING Dec. 31 Asia-FirstCall/ -...)

China Medical Technologies Announces the Completion of the Sale of its HIFU Business

Date:12/30/2008

BEIJING, Dec. 31 /PRNewswire-Asia-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 products, today announced that the Company has completed the previously announced sale of its High Intensity Focused Ultrasound tumor therapy system business (the "HIFU Business") to Chengxuan International Ltd. ("Chengxuan"), a major shareholder of the Company.

The Company stated the reasons for the sale of the HIFU Business in the press release dated December 18, 2008 which included the conditions in the global financial markets, more stringent regulatory requirements on therapeutic equipment from the State Food and Drug Administration in China (the "SFDA") and the significant capital investments required to obtain U.S. and EU regulatory approvals for the HIFU equipment. The Company wishes to elaborate the above reasons below.

The Company believes that the business conditions and outlook for the HIFU Business has deteriorated significantly due to the recent global financial turmoil. Certain HIFU distributors have recently experienced severe difficulties in obtaining financing in China which have negatively affected their working capital and liquidity. As a result, some of them have delayed their planned delivery schedules of the purchased HIFU equipment from the Company to a much later date and others did not place purchase orders with the Company based on the Company's previous expectations. In addition, certain hospitals that have previously considered purchases of the Company's HIFU equipment have recently informed the relevant HIFU distributors to put their proposals on hold. The Company has also experienced slower collections and recorded higher accounts receivable from the HI
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SOURCE China Medical Technologies, Inc.
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