China Medical Technologies Responds to the Allegations Raised by Glaucus Rese... ( BEIJING Dec. 6 2011 Asia-FirstCall/ -...)

China Medical Technologies Responds to the Allegations Raised by Glaucus Research Group

Date:12/6/2011

BEIJING, Dec. 6, 2011 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, responded today to the allegations raised in a research report by Glaucus Research Group ("Glaucus") dated December 6, 2011. The Company maintains that the allegations set forth in the Glaucus Research report (the "Report") concern matters which have long been disclosed in the Company's annual reports and press releases, misrepresent the information they present and attribute motives to management that are based on innuendo and fail to take into account business and commercial considerations relevant to the matters discussed in the Report. The Company denies the allegations entirely.

Allegation 1

CMED paid $28 million for an acquisition from a seller who we believe was secretly related to CMED's chairman. Evidence also shows that CMED radically overpaid for the acquisition: a few months before selling the company to CMED, a company controlled by parties related to CMED insiders bought out minority shareholders at prices suggesting that the business was worth $5-$8 million, not the $28 million paid by CMED for the acquisition. In our opinion, CMED's chairman orchestrated an acquisition to embezzle roughly $20-$23 million from the public company. (Source: Glaucus Research Group)

The Company confirmed with Mr. Xiaodong Wu, the Chairman and Chief Executive Officer of the Company, that he never employed a general manager assistant or executive assistant for his private company, Beijing Chengxuan and Mr. Shujun Chen is not a related party to him. The employment history of Mr. Chen with Beijing Chengxuan in the registration form is wrong. Glaucus alle
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SOURCE China Medical Technologies, Inc.
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