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Sinovac Receives Nasdaq Deficiency Letter Regarding Audit Committee Requirement
Date:1/24/2012

BEIJING, Jan. 24, 2012 /PRNewswire-Asia/ -- Sinovac Biotech Ltd. (Nasdaq: SVA), a leading provider of vaccines in China, today announced that it received a letter dated January 18, 2012 from The Nasdaq Stock Market.  Based on the departure of Ms. Chup Hung Mok from the Company's Board of Directors effective January 4, 2012, Nasdaq has determined that the Company no longer complies with Nasdaq's requirement that its audit committee consists of at least three independent directors, as set forth in Listing Rule 5605.  However, consistent with Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period in order to regain compliance of until the earlier of the Company's next annual shareholders meeting or January 4, 2013; or if the next annual shareholders' meeting is held before July 2, 2012, then the Company must evidence compliance no later than July 2, 2012.

As announced on January 4, 2012, the Board has an active search ongoing to locate a suitable replacement for Ms. Mok.  The Company intends to submit to Nasdaq documentation, including biographies of any new directors, evidencing compliance with the rules no later than this date.

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 including hepatitis A, seasonal influenza, H5N1 (bird flu) pandemic influenza and H1N1 influenza. In 2009, Sinovac was the first company worldwide to receive approval for its H1N1 influenza vaccine, PANFLU.1, and has received orders from the Chinese Central Government pursuit to the government stockpiling program. The Company is developing a number of new vaccine products, including vaccines for pneumococcal conjugate, enterovirus 71 (EV71) (against Hand, Foot & Mouth Disease), pneumococcal p
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SOURCE Sinovac Biotech Co., Ltd.
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