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...(pany. The seniormanagement and other rel...),Health

Date:7/30/2009

pany. The senior management and other relevant employees of the Company fully cooperated with the independent law firm and forensic accountants in the course of the investigation. During the process of the investigation, the independent law firm reported from time to time the scope, procedures and progress of the investigation to the audit committee. The independent law firm and forensic accountants have substantially completed their investigative work and have reported to the audit committee that the investigation has not identified evidence to support the allegations made in the anonymous letter.

Mr. Xiaodong Wu, the Chairman and Chief Executive Officer of the Company commented, "The entire senior management team is pleased that the independent internal investigation is substantially complete and that it has found no evidence supporting the anonymous allegations. We can now focus our efforts back to the operations of the Company. We are thankful for the employees and the customers who were confident in the well-being of the Company during the past few months. We are confident that we will able to address the impact of this independent internal investigation on the timing of our financial reporting and other aspects of our operations and most importantly, the Company's fundamentals remain healthy."

During the course of this independent internal investigation, the senior management team and certain management personnel devoted significant time and efforts to assist with the investigation, and had less time to spend on the Company's operations. The Company believes that this has contributed to a decline in the Company's sales in June 2009 and this decline has continued in July. The Company's preliminary estimate of revenues for the quarter ended June 30, 2009 is approximately Rmb210 million, subject to normal book closing and adjustment procedures. In addition, the costs of this independent internal investigation h
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SOURCE China Medical Technologies, Inc. Copyright©2009 PR Newswire. All rights reserved

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