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American Oriental Bioengineering and China Aoxing Pharmaceutical Enter Into Strategic Alliance
Date:4/15/2008

- Joint Effort to Capitalize on China's Narcotic and Pain-Management Market

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NEW YORK, April 15 /PRNewswire-FirstCall/ -- American Oriental Bioengineering, Inc. (NYSE: AOB), a leading marketer, distributor and manufacturer of pharmaceutical and healthcare products in China, and China Aoxing Pharmaceutical Company, Inc. (OTC Bulletin Board: CAXG) ("China Aoxing"), a China-based pharmaceutical company specializing in research, development, manufacturing and distribution of narcotic and pain-management products, today announced that they have formed a strategic alliance to jointly commercialize and develop narcotic and pain-management products in China. As part of this alliance, American Oriental Bioengineering will make an equity investment of $18.0 million in China Aoxing.

The size of the narcotic and pain-management market in China is estimated to be roughly US$300 million today, highly underdeveloped versus Western countries, and growing at an estimated compound annual growth rate of 23 percent.(1) China Aoxing is one of only a few manufacturers designated by the China State Food & Drug Administration (SFDA) to operate in the highly regulated narcotics industry.

Under the terms of the agreement, American Oriental Bioengineering makes an equity investment of $18.0 million in exchange for 30 million shares of newly-issued China Aoxing common stock, priced at US$0.60 per share, and owns approximately 38% of China Aoxing. Additionally, with today's announcement, China Aoxing closed its previously announced acquisition of Shijiazhuang Lerentang Pharmaceutical Company Ltd. ("LRT"), a China-based pharmaceutical company focused on pain-management products.

China Aoxing and Amer
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SOURCE American Oriental Bioengineering, Inc.
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