BEIJING, July 25 /Xinhua-PRNewswire-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based medical device company that develops, manufactures and markets advanced in-vitro diagnostic products and high intensity focused ultrasound tumor therapy systems, today announced adjustment to conversion rate for the Company's US$150 million outstanding 3.5% Convertible Senior Subordinated Notes due November 2011 (the ''Convertible Notes'').
Conversion rate of the Convertible Notes is adjusted from 31.3953 American Depositary Shares (''ADSs'') to 31.7378 ADSs for each US$1,000 original principal amount of the Convertible Notes with reference to the closing market price of the Company's ADSs on July 24, 2008. The resulting conversion price for the Convertible Notes is reduced from US$31.85 to US$31.51. The adjustment is effective immediately prior to the opening of business on July 25, 2008, Eastern Time. The adjustment is required, in accordance with the terms of the indenture governing the Convertible Notes, as a result of the Company's declaration of cash dividend of US$0.05 per share, equivalent to US$0.50 per ADS. Assuming full conversion of the Convertible Notes, additional 513,750 ordinary shares, equivalent to 51,375 ADSs will be issued by the Company as a result of the adjustment to conversion rate.
About China Medical Technologies, Inc.
China Medical Technologies is a leading China-based medical device company that develops, manufactures and markets advanced in-vitro diagnostics products using Enhanced Chemiluminescence (ECLIA) technology and Fluorescent in situ Hybridization (FISH) technology, to detect and monitor various diseases and disorders, and system using High Intensity Focused Ultrasound (HIFU) for the treatment of solid cancers and benign tumors. For more information, please visit http://www.chinameditech.com .
For more information, please contact:
Winnie Yam
Tel: +86-10-6530-8833
Email: IR@chinameditech.com
SOURCE China Medical Technologies, Inc.
International News / Press Release source: PR Newswire
Copyright PR Newswire. All Rights Reserved.