BEIJING, Oct. 22 /PRNewswire-Asia-FirstCall/ -- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED), a leading China-based advanced in-vitro diagnostic ("IVD") company, today announced that its subsidiary, Beijing GP Medical Technologies Co., Ltd. ("GP Medical"), has been ranked sixth in the Deloitte Technology Fast 50 China 2010 program (the "Program"). GP Medical operates the fast growing molecular diagnostic businesses of the Company.
The Deloitte Technology Fast 50 China program is an annual award program that recognizes fast growing high-tech companies in technology, media and telecommunications related industries. To be eligible for the Program, a company must be a technology company and with a business operation of at least three years. It must have revenue of at least RMB2,000,000 in the first of the three years being analyzed and must have its headquarters on the Chinese Mainland or in Hong Kong. The Program selected companies based on their average revenue growth rates over the last three years.
Participants in the Deloitte Technology Fast 50 China 2010 program will automatically qualify for participation in the Deloitte Technology Fast 500 Asia Pacific 2010 program, which annually recognizes the 500 fastest growing technology companies in Asia Pacific.
"We are honored to be awarded in the Deloitte Technology Fast 50 China for 2010," commented Mr. Xiaodong Wu, Chairman and Chief Executive Officer of the Company. "We believe that there is huge market potential in molecular diagnostics in China and we expect to continue to capture these market opportunities."
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) technology and Surface Plasmon Resonance (SPR) technology as well as Enhanced Chemiluminescence Immunoassay (ECLIA) technology, an immunodiagnostic technology to develop, manufacture and distribute diagnostic products for the detection of various cancers, diseases and disorders. The Company generates all revenues in China by selling 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 "will," "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 the risk of successfully capturing the molecular diagnostic market in China. 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.
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SOURCE China Medical Technologies, Inc.