BEIJING, Dec. 13, 2011 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced that the Company intends to implement a debt restructuring plan to improve its balance sheet. The plan may include, without limitation, a debt-for-debt exchange with existing holders of the Company's convertible notes maturing in August 2013 and December 2016, which may potentially involve holders receiving new debts with different interest rates, maturities and principal amounts compared to the existing debts or other alternatives to be agreed. Holders of the Company's convertible notes are requested to contact the Company's Cayman legal representative, Thorp Alberga at firstname.lastname@example.org, which will collect contact information from such holders to facilitate their communication with each other to form a noteholders' committee to liaise with the Company. This release shall not constitute an offer to sell, or a solicitation of an offer to buy, any securities in any jurisdiction. About China Medical Technologies, Inc. China Medical Technologies, Inc. is a leading China-based advanced IVD company using molecular diagnostic technologies including Fluorescent in situ Hybridization (FISH) and Surface Plasmon Resonance (SPR) and an immunodiagnostic technology, Enhanced Chemiluminescence Immunoassay (ECLIA), to develop, manufacture and distribute diagnostic products used for the detection of various cancers, diseases and disorders as well as companion diagnostic tests for targeted cancer drugs. The Company generates all of its revenues in China through the sale of diagnostic consumables including FISH probes, SPR-based DNA chips and ECLIA reagent kits to hospitals which are recurring users of the consumables for their patients. The Company sells FISH probes and SPR chips to large hospitals through its direct sales force and ECLIA reagent kits to small and mid-size hospitals through distributors. For more information, please visit http://www.chinameditech.com. Safe Harbor Statement This press release contains forward-looking statements. These statements constitute "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 "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including: there can be no assurance that any plan, if pursued, will be successful. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Shares of China Medical Technologies (Nasdaq:CMED) were gapping down Tuesday morning with an open price 65.9% lower than Monday's closing price. The stock closed at $1.82 yesterday and opened today's trading at 62 cents.
Shares of China Medical Technologies (Nasdaq:CMED) were gapping down Friday morning with an open price 30.2% lower than Thursday's closing price. The stock closed at $3.67 yesterday and opened today's trading at $2.56.
Shares of China Medical Technologies (Nasdaq:CMED) have taken a tremendous swing upward. The stock is trading at $3.12 as of 11 a.m. ET, 21.4% above Tuesday's closing price of $2.57. Volume is at 1.4 million, 3.6 times the daily average of 375,600.