Full Press Release Details
Biotech Increases Ownership Position in its Operating Subsidiary Sinovac
September 22, 2008 - Sinovac Biotech Ltd. (Amex: SVA), a leading developer and
provider of vaccines in China, today announced the increase of its ownership
position in Sinovac Biotech Co., Ltd. (or Sinovac Beijing), its Beijing-based
subsidiary and main operating entity. Sinovac increased its shareholding
position to 73.09% from 71.56% through a capital increment from undistributed
dividends generated by Sinovac Beijing. The legal documents for the capital
increment have been executed. It will be followed by the other formalities in
compliance with related regulations in China, which are expected to be completed
Weidong Yin, President and CEO, commented, "By increasing our ownership stake in
our profitable operating subsidiary, we will increase the portion of the
operating income that we retain as net income by reducing the minority interest
percentage recorded each reporting period. We will continue to
explore opportunities to further increase our shareholding position in Sinovac
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.
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announcement contains forward-looking statements. These statements are made
under the "safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be identified by words
or phrases such as "will," "expects," "anticipates," "future," "intends,"
"plans," "believes," "estimates" and similar statements. Among other things, the
business outlook and quotations from management in this press release contain
forward-looking statements. Statements that are not historical facts, including
statements about Sinovac's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and uncertainties.
A number of important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Sinovac does not
undertake any obligation to update any forward-looking statement, except as
required under applicable law.
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