China Medical Technologies Announces the Substantial Completion of an Independent Internal Investigation and Expected Timing of Reporting of Unaudited Financial Results for the Quarter and Fiscal Year ended March 31, 2009 and the Quarter ended J...( BEIJING July 30 Asia-FirstCall/ -...),Health

BEIJING, July 30 /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 the substantial completion of an independent internal investigation and the expected reporting in late August 2009 of unaudited financial results for the quarter and fiscal year ended March 31, 2009 and the quarter ended June 30, 2009.

Independent Internal Investigation

An anonymous letter, in which allegations of irregularities and improper conduct were made against the senior management of the Company in connection with the Company's acquisitions of FISH and SPR, the Company's disposal of its High Intensity Focused Ultrasound Tumor Therapy System business, its revenues as well as its relationships with stock analysts, was received by the Company's audit committee. The audit committee, consisting of three independent directors, decided to initiate an independent internal investigation into the allegations contained in the anonymous letter. In connection with this independent internal investigation, the audit committee engaged an independent law firm, Paul, Weiss, Rifkind, Wharton & Garrison LLP, as well as independent forensic accountants, AlixPartners LLP, to assist the audit committee to carry out this independent internal investigation. The independent law firm and forensic accountants involved their experienced personnel from their U.S. offices to conduct this independent internal investigation and began their investigative work in April 2009 and the investigation lasted for more than three months. The investigation covered not only the entire senior management team but also employees from various key departments of all operating subsidiaries of the Com
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