Sinovac Biotech Ltd. ("Sinovac") is pleased to confirm that the change of its name from Net Force Systems Inc. to Sinovac Biotech Ltd.
As a result of Net Force's acquisition of a majority of the outstanding shares of Sinovac Biotech Co. Ltd., Net Force decided to amend its articles of incorporation to change its name from Net Force Systems Inc. to "Sinovac Biotech Ltd." On 31 October, 2003 Sinovac announced that it has entered into a letter of intent to acquire 100% of the issued and outstanding shares of Tangshan Yian Biological Engineering Co., Ltd. ("Tangshan Yian"). The acquisition of Tangshan Yian by Sinovac is in the process of being completed in accordance with the letter of intent. "Tangshan Yian" operates in the city of Tangshan as a research and development company specializing in the development and manufacturing of various vaccines including flu vaccines and vaccines for Hepatitis A. The company supplies these vaccines to Sinovac Biotech Co., Ltd. The research and development operations of Tangshan Yian are expected to supply increased quantities of new and updated vaccines to the domestic Chinese and international markets.
Sinovac is pleased to announce the appointment of Dr. Kim Kiat Ong (MBBS, FRCSEdin, FAMS) to its Board of Directors. In addition, Sinovac is pleased to announce the appointment of Dr. William J. Rutter and Dr. Rita R. Colwell as members of Sinovac's Advisory Board. The role of the members of the Advisory Board is expected to be to review, consult and advise Sinovac's management and Board of Directors on business strategies and opportunities. In addition, Sinovac is pleased to announce that it has granted 3,000,000 Stock Options to certain directors, officers, employees and consultants of Sinovac to acquire up to 3,000,000 shares of common stock of Sinovac at a price of US $1.31 per share and having an expiry date of 13 November, 2008.