EX-99.6 7 sinovacexh99_6.txt SINOVAC BIOTECH 6K, PRESS RELEASE 07.14.04 EXHIBIT 99.6 ------------ SINOVAC BIOTECH LTD. -------------------- UPDATES ON APPLICATION TO AMERICAN STOCK EXCHANGE ------------------------------------------------- BEIJING, July 14, 2004 - Sinovac Biotech Ltd. ("Sinovac", "the Company") (NASD OTC-BB: SNVBF) has filed application to be listed on the American Stock Exchange ("AMEX"). The American Stock Exchange is the second largest trading floor based exchange in the United States. Sinovac currently trades on the NASD Over the Counter Bulletin Board (OTC-BB). The company has taken the necessary steps to meet the requirements to be included on the AMEX. The American Stock Exchange has established certain quantitative and qualitative standards for the initial listing of foreign companies. Sinovac has made application under Standard 3 which requires the following quantitative standards: Shareholders' equity $4 million Total market capitalization $50 million Distribution 800 public shareholders and 500,000 shares publicly held OR 400 public shareholders and 1 million shares publicly held OR 400 public shareholders, 500,000 shares publicly held, and average daily trading volume of 2,000 shares for previous 6 months Market value public float $15 million Sinovac currently has shareholders' equity of approximately US $10 million. At a $3 share price, the Company has a $105 million market capitalization. As of May 2004, Sinovac had over 4,000 shareholders. Finally, the market value of the freely tradeable public float is currently over $30 million. Thus, Sinovac management believes that it currently meets, and indeed well exceeds the quantitative criteria for listing on the American Stock Exchange. In further evaluating a company's eligibility for listing on AMEX, the following qualitative factors are also considered: the nature of a company's business, market for its products, reputation of its management, historical record and pattern of growth, financial integrity, demonstrated earnings power, and future outlook. The Company believes that it has submitted all the relevant documentation to AMEX in order for the exchange to make an assessment of whether Sinovac is eligible for listing. Furthermore, management believes that the Company has demonstrated that possesses the qualitative criteria that the AMEX requires in its listed companies. If accepted, Sinovac will be among the growing number of biotechnology companies listed on the American Stock Exchange. With a subsequent listing on the AMEX, Sinovac management feels that the Company would benefit from greater accessibility to institutional investment, better share price stability, greater share liquidity, and increased investor awareness. ABOUT SINOVAC BIOTECH LTD. -------------------------- Sinovac Biotech Ltd. specializes in the research, development, commercialization, and sales of human vaccines for infectious illnesses such as Hepatitis A and Hepatitis B, influenza and "SARS". Sinovac is one of the leading emerging biotechnology companies in China. Working closely with Chinese public health officials, Sinovac focuses on manufacturing and marketing human-use vaccines and related products, and currently markets its vaccine for Hepatitis A. Sinovac is the first and currently the only company in the world to have commenced human clinical trials for a vaccine to prevent SARS. For further information please refer to the Company's filings with the SEC at www.sec.gov or refer to Sinovac's website at www.sinovac.com. ----------- --------------- Contact: Sinovac Investor Relations at (888) 888 8312 or (604) 684-5990 or email to info@sinovac.com. ---------------- THIS NEWS RELEASE MAY INCLUDE FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES AND EXCHANGE ACT OF 1934, AS AMENDED, WITH RESPECT TO ACHIEVING CORPORATE OBJECTIVES, DEVELOPING ADDITIONAL PROJECT INTERESTS, SINOVAC'S ANALYSIS OF OPPORTUNITIES IN THE ACQUISITION AND DEVELOPMENT OF VARIOUS PROJECT INTERESTS AND CERTAIN OTHER MATTERS. THESE STATEMENTS ARE MADE UNDER THE "SAFE HARBOR" PROVISIONS OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND INVOLVE RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN.