Message #8 From:
NewsBot Date: November 13, 2006 01:31:00 PM
CMED News China Medical Technologies, Inc. Announces Proposed Offering of US$100 Million Convertible Senior Subordinated Notes
BEIJING--(BUSINESS WIRE)--China Medical Technologies, Inc. (Nasdaq: CMED) today announced its
proposed offering, subject to market and other conditions, of
US$100,000,000 principal amount of Convertible Senior Subordinated Notes
due 2011 to qualified institutional buyers pursuant to Rule 144A under
the Securities Act of 1933, as amended (the “Securities
Act”). China Medical also expects to grant the
initial purchaser an option to purchase up to an additional
US$25,000,000 principal amount of notes to cover overallotments, if any.
Concurrent with the offering, the Company plans to enter into a
simultaneous share repurchase program of approximately US$30.0 million.
China Medical intends to use the remaining proceeds for general
corporate purposes and for the acquisitions of businesses, products and
technologies that it believes will compliment its existing business.
The convertible senior subordinated notes to be offered have not been
registered under the Securities Act or the securities laws of any other
jurisdiction. Unless they are registered, the convertible senior
subordinated notes may be offered or sold only in transactions that are
exempt from registration under the Securities Act and the securities
laws of any other jurisdiction.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such offering
would be unlawful.
About China Medical
China Medical Technologies is a leading China-based medical device
company that develops, manufactures and markets products using high
intensity focused ultrasound for the treatment of solid cancers and
benign tumors and advanced in-vitro diagnostics products using enhanced
chemiluminescence technology, to detect and monitor various diseases and
disorders. For more information, please visit our website at www.chinameditech.com.
China Medical Forward-Looking Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and 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 "will," "expects,"
"anticipates," "future," "intends," "plans," "believes," "estimates" and
similar statements. Among other things, the Company's expectation to
this proposed offering of the notes, its plan to repurchase its shares
and its intended use of the remaining proceeds from this offering
contains forward-looking statements. Such statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Further
information regarding these and other risks is included in China
Medical's filings with the U.S. Securities and Exchange Commission,
including its annual report on Form 20-F. China Medical 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.
