American Oriental Bioengineering Reports Third Quarter 2008 Financi...(atements made in this press release are ...)

Date:11/10/2008

atements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other factors identified in the Company's filings with the Securities and Exchange Commission, including the Form 10-Q for the quarter ended September 30, 2008, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

AMERICAN ORIENTAL BIOENGINEERING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

SEPTEMBER 30, DECEMBER 31,

2008 2007

UNAUDITED

CURRENT ASSETS

Cash and cash equivalents $219,727,043 $166,410,075

Accounts receivable, net of reserve

of $224,333 and $302,270 at

September 30, 2008 and December 31,

2007, respectively 24,556,175 16,494,619

Inventories, net 17,251,005 12,264,536

Advances to suppliers 1,467,388 4,309,352

Notes receivable 589,725 2,259,616

Refundable deposit 6,386,418 --

Deferred tax assets 529,813 --

Other current assets 615,765 5,134,118

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SOURCE American Oriental Bioengineering Inc. Copyright©2008 PR Newswire. All rights reserved

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