Published on September 18, 2009 at 7:34 AM
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, today announced that its board of directors (the "Board") approved a share repurchase program on September 17, 2009.
The Board has authorized the Company to repurchase up to US$30 million worth of its outstanding American Depositary Shares ("ADSs") for a period of one year, commencing on October 1, 2009. Under the terms of the program, repurchases may be made from time to time on the open market at prevailing market prices or in block trades, in accordance with the "Safe Harbor" requirements of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company may effect the repurchases pursuant to a 10b5-1 plan (which allows the Company to repurchase its ADSs during periods in which it may be in possession of material non-public information) or otherwise. The timing and extent of any repurchase will depend upon market conditions, the trading price of ADSs and other factors, and subject to the restrictions relating to volume, price and timing under applicable laws and regulations. The Company expects to implement this share repurchase program in a manner consistent with market conditions and the interest of the shareholders. The Company's Board will review this share repurchase program periodically, and may authorize adjustment of its terms and size accordingly. The program may be suspended or discontinued at any time. The Company plans to fund repurchases made under this program from its available cash balance.
The record date for the Company's ADS holders for the declared cash dividend of US$0.55 per ADS is September 30, 2009.
Source: http://www.chinameditech.com
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