Full Press Release Details
Announces Share Repurchase Program
December 2, 8:00 am ET
Dec. 2 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (NYSE Alternext US: SVA), a
leading developer and provider of vaccines in China, announced today that its
Board of Directors has authorized a program to repurchase Sinovac common shares.
The Board approved the repurchase of up to US$2 million dollars of Sinovac
common shares over a period of one year or such other date, which ever is
earlier, when the repurchase program is revoked or varied by the Board of
repurchases will be made in open market or privately negotiated transactions
from time to time in compliance with the SEC's Rule 10b-18, subject to market
conditions, applicable legal requirements and other factors. This plan does not
obligate Sinovac to acquire any particular number of shares and the plan may be
suspended at any time at Sinovac's discretion.
Yin, Chairman, President and CEO, commented, "The Board of Directors believes
that the share repurchase program will give the Company flexibility to adjust
its capital structure, lower its cost of equity and improve it earning per
share. The Board of Directors and management are confident and believe this
repurchase program is in the best interest of the shareholders and the
Biotech Ltd. is a China-based biopharmaceutical company that focuses on the
research, development, manufacture and commercialization of vaccines that
protect against human infectious diseases. Sinovac's commercialized vaccines
include Healive (hepatitis A), Bilive (combined hepatitis A and B), Anflu
(influenza) and Panflu(TM) (H5N1). Sinovac is currently developing universal
pandemic influenza vaccine and Japanese encephalitis vaccine. Additional
information about Sinovac is available on its website, http://www.sinovac.com
. To be added to our distribution list, please email: info@sinovac.com
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