ann out..termination of agreement with siyi

ASX Company Announcement
Termination of Siyi Cooperation Agreement
6 April 2009
The Directors of Sun Biomedical Limited (ASX Code: SBN) advise that the Cooperation Agreement
with Shanghai Siyi Biotechnology Co. Ltd (Siyi) has now been formally terminated by Siyi.
As previously advised, SBN delivered the 5,000 OraLine units ordered by Siyi for the commencement
of the field trials on 23 February 2009. However, these units were returned by Siyi without payment or
any explanation for their return. SBN sought clarification from Siyi as to the reasons for the return, its
intentions regarding the commencement of the field trials and its continued relationship with SBL under
the Cooperation Agreement. Further, the Company, through its Chairman, Mr. Peter King, its Chinese
based consultant, Dr Peter Sun and Dr Ming Sun, endeavoured to facilitate a personal meeting
between the parties to better understand the issues and challenges between the two entities. Siyi was
not receptive to meeting with the Company or any of its representatives and has elected only to
communicate through its lawyers. Siyi’s lawyers have now forwarded a letter of termination. This is an
extremely disappointing outcome for the Company given the time and resources that it has expended
in pursuing this opportunity and its continued commitment to fulfilling its obligations under the
Agreement.
The Board is continuing discussions with potential strategic partners for the business and will update
investors of progress in this matter in mid April.
For further information in relation to this announcement or any aspects of SBN’s operations please visit
SBN website at www.sunbiomed.com or contact:
Jim Hallam
Director
Mobile: 0414965442
Email: [email protected]