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China Medical Technologies Announces the Completion of the Sale of its HIFU Business
Date:12/30/2008

is interest in purchasing the HIFU Business. To ensure that the sale would be conducted on an arm's length basis on terms which were consistent with market practice, the Company engaged a qualified and reputable international firm to carry out an independent valuation of the HIFU Business and received a fair value range between RMB361.2 million (US$52.9 million) and RMB419.3 million (US$61.4 million). The final selling price after negotiation was determined at US$53.5 million. In accordance with the listing rules of NASDAQ and the Company's internal corporate governance rules, the proposal for the sale of the HIFU Business was presented to the Company's audit committee and board of directors for evaluation and approval before the Company entered into an agreement with Chengxuan, a company owned by Mr. Xiaodong Wu, for the transaction. The Company's audit committee consisting of three independent directors approved the proposal after careful consideration of relevant facts and circumstances and submitted the proposal to the board of directors for further evaluation and approval. The Company's board of directors consists of four independent directors, Mr. Sam Tsang, the Chief Financial Officer and Mr. Xiaodong Wu, the Chief Executive Officer. Mr. Xiaodong Wu did not participate in the voting with respect to the sale of the HIFU Business.

As the Company has completed the sale of the HIFU Business, the Company becomes a pure advanced IVD company. The Company expects to use the proceeds from the sale of the HIFU Business to support the further development of the fast growing molecular diagnostic businesses and strives to become the leading molecular diagnostic company in China.

For the convenience of readers, certain RMB amounts have been translated into U.S. dollars at the rate of RMB6.8254 to US$1.00, the noon buying rate in New York City for cable transfers of RMB per U.S. dollar as certified for customs purpo
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SOURCE China Medical Technologies, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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