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Pantheon China Acquisition Corp. to Acquire China Cord Blood Services Corporation - Extension Proxy Filed With SEC
Date:11/11/2008

formance despite any weakening in the Chinese economy. CCBS operates within a rapidly growing industry with huge market potential, high barriers to entry, unique cash flow visibility and a highly capable and experienced management team. We are confident that we have chosen a company that will return long-term value to our shareholders."

"We expect the proposed business combination to not only further accelerate the development of CCBS in China and the Pan-Asian region but also generate long-term benefits to all Pantheon shareholders. The strong growth in CCBS's subscribers was attributable to two major factors: first, China's strong economic growth, one-child-per-family policy and large population; second, CCBS's exclusive right to operate in two of the six licensed regions and effective marketing strategy."

CCBS mainly provides cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services. Demand for such services has grown substantially since the industry began to develop six years ago in China. CCBS has witnessed significant growth in the number of its new subscribers at a compounded annual growth rate of more than 100%. Subscribers are required to pay an upfront fee of RMB5,000 (approximately USD735) and an annual storage fee of RMB620 (approximately USD91) for 18 years under their contracts.

Based on the consolidated financial statements prepared in accordance with US GAAP, the revenue and net income of CCBS for the fiscal year ended March 31, 2008 was US$33.2 million and US$12.6 million respectively.

TRANSACTION STRUCTURE

As noted above, as of the date of this announcement, shareholders owning approximately 94% of the outstanding shares of CCBS have entered into the Merger Agreement. Each remaining shareholder of CCBS may elect to participate in the proposed transactions on the same terms and conditions as the other Selling Shareholders. Assuming no other CCBS shareholders elect
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SOURCE Pantheon China Acquisition Corp.
Copyright©2008 PR Newswire.
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