May 28, 2014 08:00 UTC

Government Authorities Approve Joint Venture for Cardiac Rhythm Management Business in China

SHANGHAI & MILAN--(BUSINESS WIRE)-- MicroPort Scientific Corporation (HK: 00853) and Sorin Group (MIL:SRN) (Reuters Code: SORN.MI), announced today the official establishment of a joint venture company after receiving the business registration certificate from Shanghai Administration for Industry and Commerce.

The Shanghai-based joint-venture company, named MicroPort Sorin CRM (Shanghai) Co. Ltd, is scheduled to commence operations in June.

MicroPort holds 51 percent stake of the new firm, while Sorin Group holds the remaining 49 percent interest. The joint venture was approved by the Shanghai Municipal Commission of Commerce (COFCOM) on May 6.

The joint venture will allow MicroPort and Sorin to collaborate on the import, sale and service of Sorin’s CRM devices in Greater China and accelerate the R&D and manufacturing of the local CRM products for the Chinese market.

About MicroPort

MicroPort Scientific Corporation is a leading medical device company publicly listed on the main board of Hong Kong (HK853). The Group focuses on innovating, manufacturing, and marketing high-quality and yet still affordable high-end medical devices globally. With a diverse portfolio of products now being used at an average rate of one for every 30 seconds in over 2,000 major hospitals throughout China and over 20 other countries, MicroPort maintains operations in a wide range of business segments including Cardiovascular Devices, Orthopedic Devices, Electrophysiological Devices, Endovascular Devices, Neurovascular Devices, Surgical Management, Diabetes Care and Endocrinal Management, and others. MicroPort is dedicated to becoming a leading global enterprise capable of providing the best and most affordable medical products and technologies to patients throughout the world.

For more information, please refer to www.microport.com

About Sorin Group

Sorin Group (Reuters Code: SORN.MI), is a global medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,750 employees worldwide, the Company focuses on two major therapeutic areas: Cardiac Surgery (cardiopulmonary products for open heart surgery and heart valve repair or replacement products) and Cardiac Rhythm Management (pacemakers, defibrillators, cardiac resynchronization devices). Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.

For more information, please refer to www.sorin.com

Contacts

Jonathan Chen, Tel: (86)(21) 38954600
Senior Vice President, International
Operations and Investor Relations
Shanghai MicroPort Medical (Group) Co., Ltd. (HQ)
Email: jonathanchen@microport.com
or
Xun You,Tel: (86)(21) 38954600-6959
Board Secretary & Director of International Communication
Shanghai MicroPort Medical (Group) Co., Ltd. (HQ)
Email: ir@microport.com
or
Gabriele Mazzoletti, Tel: +39 02 69969785
Mobile: +39 348 9792201
Director, Corporate Communications
Sorin Group
Email:, gabriele.mazzoletti@sorin.com
or
Francesca Rambaudi, Tel: +39 02 69969716
Director, Investor Relations
Sorin Group
Email: investor.relations@sorin.com


Source: Sorin Group