Sinovac Receives Full Payment for Heping Wang's Obligations
Friday July 27, 8:00 am ET
BEIJING, July 27 /Xinhua-PRNewswire/ -- Sinovac Biotech Ltd. (Amex:
SVA -
News), a China-based vaccine company, announced today that it has received full payment of Heping Wang's outstanding obligations to Sinovac. In connection with the repayment, Sinovac has agreed to the release from escrow 1.5 million Sinovac shares pledged by Mr. Wang as collateral for his obligations.
As previously disclosed in Sinovac's annual report on Form 20-F, Heping Wang, a former director, owed Sinovac outstanding obligations in the amount of approximately RMB7.7 million. This amount related to Mr. Wang's agreement to assume and indemnify certain loan obligations of Tangshan Yian Biological Engineering Co., Ltd. in connection with Sinovac's acquisition from Mr. Wang in January 2004 of the 100% equity interest in Tangshan Yian. Because the above arrangement could potentially violate the provisions of the Sarbanes- Oxley Act against the extension or maintenance of credit to directors, Sinovac demanded full repayment by Heping Wang in June 2006. After much effort at collection, Sinovac finally received full repayment.
About Sinovac
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 (hepatitis A), Bilive (combined hepatitis A and B) and Anflu (influenza). Sinovac is currently developing human vaccines against the H5N1 strain of pandemic influenza, Japanese encephalitis and SARS. 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.
For more information, please contact:
Helen G. Yang
Sinovac Biotech Ltd.
Tel: +86-10-82890088 x871
Fax: +86-10-62966910
Investors/Media:
Stephanie Carrington/Janine McCargo
The Ruth Group
Tel: +1-646-536-7017 /7033
About SINOVAC
Sinovac Biotech Ltd. (SINOVAC) is a China-based biopharmaceutical company that focuses on the R&D, manufacturing, and commercialization of vaccines that protect against human infectious diseases.
SINOVAC's product portfolio includes vaccines against COVID-19, enterovirus 71 (EV71) infected Hand-Foot-Mouth disease (HFMD), hepatitis A, varicella, influenza, poliomyelitis, pneumococcal disease, and mumps.
The COVID-19 vaccine, CoronaVac®, has been approved for use in more than 60 countries and regions worldwide. The hepatitis A vaccine, Healive®, passed WHO prequalification requirements in 2017. The EV71 vaccine, Inlive®, is an innovative vaccine under "Category 1 Preventative Biological Products" and was commercialized in China in 2016. In 2022, SINOVAC's Sabin-strain inactivated polio vaccine (sIPV) and varicella vaccine were prequalified by the WHO.
SINOVAC was the first company to be granted approval for its H1N1 influenza vaccine Panflu.1®, which has supplied the Chinese government's vaccination campaign and stockpiling program. The Company is also the only supplier of the H5N1 pandemic influenza vaccine, Panflu®, to the Chinese government stockpiling program.
SINOVAC continually dedicates itself to new vaccine R&D, with more combination vaccine products in its pipeline, and constantly explores global market opportunities. SINOVAC plans to conduct more extensive and in-depth trade and cooperation with additional countries, and business and industry organizations.
For more information, please see the Company’s website at www.sinovac.com.
Contact:
Sinovac Biotech Ltd.
PR Team
pr@sinovac.com
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