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China Medical Technologies Responds to the Allegations Raised by Glaucus Research Group
Date:12/6/2011

nagement of committing fraud with respect to the company’s financials and its acquisitions. After an investigation by the audit committee, CMED’s auditor, KPMG, resigned. (Source: Glaucus Research Group)

Again, Glaucus demonstrated again the lack of business knowledge of its team.  If KPMG resigned because of the findings of the internal investigation, PwC, a similar reputable firm would not be willing to take up the audit.  PwC would not benefit to take up a case if the findings indicated problems of the Company or its management.  The Company explained the reasons for the change in auditors in its press release in August 2009.  In addition, KPMG continued to provide its consent to include its audit report in the annual reports for the subsequent two fiscal years.

The Company is aware of usual doubts of investors for a related party transaction of a company even though it is a good transaction. For example, Glaucus questioned the related party transaction of the Company to purchase ECLIA technology in 2004. In fact, it is a very successful acquisition of the Company which contributed substantial revenues and earnings to the Company in the past five years. The Company will not engage any related party transaction in the future.

Glaucus did not contact the Company to verify the facts, analyses and allegations in the Report.

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
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SOURCE China Medical Technologies, Inc.
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