Sinovac Biotech Ltd. (“Sinovac”) (NASD OTC-BB: SNVBF) is pleased to announce that on January 26, 2004, Sinovac executed the formal share purchase agreement (the “Share Purchase Agreement”) between Sinovac, Tangshan Yian Biological Engineering Co., Ltd. (“Tangshan Yian”), a company organized under the laws of the People’s Republic of China, and Mr. He Ping Wang, the sole shareholder of Tangshan Yian and also a director of Sinovac. The Share Purchase Agreement provides that Sinovac will acquire 100% of the issued and outstanding shares of Tangshan Yian in exchange for issuing 3,500,000 shares of common stock of Sinovac plus US$2,200,000 in cash, which will be payable by Sinovac within 12 months from the date of entering into the Share Purchase Agreement, to Mr. He Ping Wang. As of January 30, 2004, all of the terms and conditions of the Share Purchase Agreement have been satisfied and the acquisition of Tangshan Yian by Sinovac is now completed.
