Sinovac Requests Extension for Annual Shareholders Meeting
Thursday December 13, 8:00 am ET
BEIJING, Dec. 13 /Xinhua-PRNewswire/ -- Sinovac Biotech Ltd. (Amex: SVA
), a leading provider of vaccines in China, today announced that it has notified the Listing Qualifications Department at the American Stock Exchange that the Company will defer its 2007 annual stockholders meeting to no later than April 30, 2008.
The Company originally scheduled its 2007 annual stockholders meeting in August 2007. The meeting was postponed because the Company could not form the necessary quorum, which is 50% of the outstanding shares based on the Company's by-laws. The Company does not believe that it will be able to form the necessary quorum to hold the 2007 annual meeting by year-end, and it is continuing to evaluate different options as an Antigua corporation and a foreign private issuer.
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 vaccines include Healive(TM) (hepatitis A), Bilive(TM) (combined hepatitis A and B) and Anflu(TM) (influenza). Sinovac is currently developing human vaccines against the H5N1 strain of pandemic influenza, and Japanese encephalitis. Additional information about Sinovac is available on its website, http://www.sinovac.com
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Safe Harbor Statement
This 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:
Helen G. Yang
Sinovac Biotech Ltd.
Tel: +86-10-8289-0088 Ext. 871
Stephanie Carrington/Janine McCargo
The Ruth Group