BETHESDA, MARYLAND April 27, 2000 Chindex International, Inc. (NASDAQ:CHDX) (U.S.-China Industrial Exchange, Inc.), the leading independent American company providing Western healthcare products distribution and medical services in the Peoples Republic of China, today announced that it signed a commercial contract with China National Instruments Import & Export Corporation (INSTRIMPEX) for the export of over $12 million of U.S. medical equipment to various hospitals throughout China, based on financing to be guaranteed by the Export-Import Bank of the United States. The commercial contract is the first tranche of a $30 million project to export U.S. medical equipment to China, and additional contracts are expected to be signed later this year.
Present for the signing of the commercial contract Wednesday were U.S. Department of Commerce Deputy Undersecretary for International Trade Eric Biel, Chindex Chairperson, President and CEO Roberta Lipson, State Development and Planning Commission Division of Foreign Capital Utilization Director General Liu Xiuhong, and officials from INSTRIMPEX, the Bank of China, and the Ministry of Foreign Trade and Economic Cooperation.
Roberta Lipson commented from Beijing, "We are excited to have concluded the first tranche of this government-sponsored project to provide U.S. medical equipment to hospitals throughout China. We have successfully completed two previous projects sponsored by Ex-Im Bank to supply medical equipment in China, and we are pleased to see these projects continue. The favorable financing terms that we are able to provide to the Chinese hospitals with support from Ex-Im Bank greatly enhance our competitiveness in the Chinese marketplace and are good for U.S. exports to China. The U.S. Department of Commerce has also been of great support on all of our financing projects, and we are delighted that Undersecretary Biel is able to be here today to witness the contract signing for a project that the Department of Commerce has advocated in the past." Lipson added, "Of course, the successful conclusion of the commercial contract is also due in part to the wonderful support and cooperation that we have received from the State Development and Planning Commission and the Bank of China." Lipson noted that the contract is contingent on the receipt of a loan guarantee from the Export-Import Bank of the United States.
Chindex is a leading American company in healthcare in the Greater Chinese marketplace including Hong Kong. It provides representative and distribution services to a number of multinational companies including Acuson (diagnostic ultrasound scanners), Johnson & Johnson (clinical chemistry analyzers), Guidant (interventional cardiology products including stents, balloon catheters, and guide wires), and Tyco/Kendall Healthcare Products (including brands such as Davis & Geck, Sherwood, Kendall, Sheridan, and Curity). It also provides healthcare services through the operations of its private hospital corporation in China. With nearly twenty years experience, approximately 330 employees, and operations in the United States, China, and Hong Kong, the Chindex strategy is to expand its cross-cultural reach by providing leading edge technologies, quality products and services to Greater Chinas professional communities. Further company information may be found at the Chindex website, www.chindex.com.
The statements in this press release that relate to future plans, events or performance are forward-looking statements that involve risks and uncertainties, including risks associated with uncertainties pertaining to the Companys (i) performance goals, including successful conclusion of efforts to secure government-backed financing, (ii) future events and earnings, including revenues from the Companys developmental businesses such as healthcare services, (iii) markets, including growth in demand in China for the Companys products and services, and (iv) proposed new operations, including expansion of its healthcare services business. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.