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Under the program, Concord Medical is authorized to repurchase up to US$20million worth of outstanding American depositary shares ("ADSs") from time totime depending on market conditions and other factors as well as subject torelevant rules under United States securities regulations. The sharerepurchase program will be funded with the Company's available working capital.As of March 31, 2010, the Company had approximately 49.2 million ADSsoutstanding and cash of approximately RMB993.6 million, or $145.6 million(1).
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About Concord Medical
Concord Medical operates the largest network of radiotherapy anddiagnostic imaging centers in China in terms of revenues and the total numberof centers in operation per available statistics. The Company currentlyoperates a network of more than 89 centers spanning 37 cities and 21 provincesand administrative regions in China. Under long-term arrangements withtop-tier hospitals in China, the Company provides radiotherapy and diagnosticimaging equipments and manages the daily operations of these centers locatedon its hospital partners' premises. The Company also provides ongoing trainingto doctors and other medical personnel in its network of centers to ensure ahigh level of clinical care for patients.
Safe Harbor Statement
This press release contains forward-looking statements. These statementsconstitute "forward-looking" statements within the meaning of Section 21E ofthe Securities Exchange Act of 1934, as amended, and as defined in the U.S.Private Securities Litigation Reform Act of 1995. These forward-lookingstatements can be identified by terminology such as "anticipate," "believe,""estimate," "expect," "forecast," "intend," "may," "plan," "project,""predict," "should" and "will" and similar expressions. These forward lookingstatements are based upon management's current views and expectations withrespect to future events and are not a guarantee of future performance.Furthermore, these statements are, by their nature, subject to a number ofrisks and uncertainties that could cause actual performance and results todiffer materially from those discussed in the forward-looking statements as aresult of a number of factors. Such factors include: the number of newradiotherapy and diagnostic imaging centers opened; the increase in the numberof patients in existing centers; the establishment of specialty cancerhospitals; changes in the healthcare industry in China, including changes inthe healthcare policies and regulations of the PRC government; andtechnological or therapeutic changes affecting the field of cancer treatmentand diagnostic imaging. Further information regarding these and other risks isincluded in the Company's filings with the U.S. Securities and ExchangeCommission at www.sec.gov. The Company does not undertake any obligation toupdate any forward-looking statement, except as required under applicable law.(1) This announcement contains the translation of a certain RMB amount into U.S. dollars at a specified rate solely for the convenience of the reader. The translation from RMB to U.S. dollars is made at a rate of RMB6.8258 to US$1.00, the effective noon buying rate as of March 31, 2010 in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York.
SOURCE Concord Medical Services Holdings Limited
