BEIJING, Dec. 28, 2011 /PRNewswire-Asia-FirstCall/ -- Concord Medical Services Holdings Limited (the "Company" or "Concord Medical") (NYSE: CCM), operator of the largest network of radiotherapy and diagnostic imaging centers in China, today updated its progress on the pending acquisition of Chang'an Hospital.
Since the third quarter of 2011, the Company has completed the following work relating to the acquisition of Chang'an Hospital:
- Reviewed the financial and accounting records;
- Conducted due diligence work related to the licenses and other legal documents;
- Jointly engaged an appraisal company to conduct independent asset evaluation of the target;
The appraisal work is expected to complete during the first quarter of 2012. Also to be completed during the quarter will be to:
- hire a top independent international accounting firm to conduct required financial due diligence work;
- finalize the deal structure, based on the results of the appraisal and due diligence work;
- reach final agreement on the valuation and other deal terms;
- seek the necessary approval from the board and shareholders of both parties.
The deal is expected to close no later than the first half of 2012. The company will continue to provide update on the transaction in the future.About Concord Medical Concord Medical Services Holdings Limited operates the largest network of radiotherapy and diagnostic imaging centers in China, measured by revenues and the number of centers in operation. As of September 30, 2011, the Company operated a network of 128 centers with 70 hospital partners that spanned 48 cities and 24 provinces and administrative regions in China. Under long-term arrangements with top-tier hospitals in China, Concord Medical provides radiotherapy and diagnostic imaging equipment and manages the daily operations of these centers, which are located on the premises of its hospital partners. The Company also provides ongoing training to doctors and other medical professionals in its network of centers to ensure a high level of clinical care for patients. For more information, please see http://ir.concordmedical.com. Safe harbor statement This news release may contain "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should," and "will" and similar expressions. These forward looking statements are based upon management's current views and expectations with respect to future events and are not a guarantee of future performance. Furthermore, these statements are, by their nature, subject to a number of risks and uncertainties that could cause actual performance and results to differ materially from those discussed in the forward-looking statements as a result of a number of factors. Such factors include the number of new radiotherapy and diagnostic imaging centers opened; the increase in the number of patients in existing centers; the establishment of specialty cancer hospitals; changes in the healthcare industry in China, including changes in the healthcare policies and regulations of the PRC government; technological or therapeutic changes affecting the field of cancer treatment and diagnostic imaging; and possible effects on consumers and hospitals, hospital construction, and suppliers, as a result of inflation and the Chinese government's policies and actions to control inflation. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission at www.sec.gov. The Company does not assume any obligation to update any forward-looking statement, except as required by law. For more information, please contact: Concord Medical ServicesMr. Tony Tian (Chinese and English)+86 10 5957 5287 firstname.lastname@example.org Christensen Ms. Teal Willingham (English and Chinese)+86 131 2179 3446 email@example.com Ms. Kimberly Minarovich (English)+1 212 618 1978 firstname.lastname@example.org ir.concordmedical.com