Full Press Release Details
CREDIT RATING UPGRADED TO AAZ, SECOND HIGHEST RATING
10 MILLION RMB COMMERCIAL BANK LOAN WITH INTEREST PAYMENT SUBSIDY-
October 9, 2008 - Sinovac Biotech Ltd. (Amex: SVA - News), a
vaccine-focused biotech company in China, announced today that the Beijing
Zhongguancun Enterprises Credit Promotion Association at the Zhongguancun
Science and Technology Park organized an annual Business Credit Rating program.
As part of that program, Sinovac Biotech Co. Ltd.'s (the Company) credit
successfully upgraded to AAzc, the second-highest level, from Azc, the
third-highest level of nine levels. This available additional capital ensures
the Company's expansion of production scale and satisfies the capital demand of
its business development strategy. Sinovac's financial department is in active
communication with the Zhongguancun Guarantee Company and increased the amount
of credit guarantee. Meanwhile, the department is extending cooperation to other
banks. Recently, the Company obtained 10 million RMB guaranteed loan from China
Merchants Bank Shangdi Branch, which has a solid reputation in China and
has established good credit with the Haidian Science Park of Zhongguancun
Science and Technology Garden Zone and with the Regulatory Committees (or
Haidian Park), which will subsidize 40% of the interest payment for the above
mentioned bank loan, which is the highest standard in the area.
Weidong Yin, President and CEO, commented, "As the U.S. financial crisis spreads
to the global markets, Sinovac will maintain its various capital raising
opportunities through its established track record and reputation built in
China. No matter how volatile the global financial market is, we will keep
executing our expansion strategy. Both credit rating upgrade and bank loans will
ensure capital raising sources for business development. Management is confident
in the future of the company."
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.
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.
For more information, please contact:
Tel: +86-10-8289-0088
Fax: +86-10-6296-6910
Carrington / Janine McCargo
Tel: +1-646-536-7017/7033