Navigation Links
PRC Government Grants High-Tech Status to AOBO Subsidiaries
Date:1/13/2009

NEW YORK, Jan. 13 /PRNewswire-Asia-FirstCall/ -- American Oriental Bioengineering, Inc. (NYSE: AOB) ("AOBO" or "the Company"), a leading marketer, distributor and manufacturer of pharmaceutical and healthcare products in China, today announced that the PRC government, led by the Ministry of Science and Technology of China, the Ministry of Finance and the State Administration of Taxation, jointly granted three of the company's subsidiaries, Heilongjiang Songhuajiang Pharmaceutical Co., Ltd. ("HSPL"), Changchun Xin'an Pharmaceutical Co., Ltd. ("CCXA"), and Three Happiness Bioengineering Co., Ltd. ("Three Happiness") high-tech enterprise status. Prior to today's announcement, AOBO's other two subsidiaries: Guangxi BOKE Pharmaceutical Co., Ltd. ("BOKE") and Guangxi Lingfeng Pharmaceutical Co., Ltd. ("GLP") were already approved for the designation from the local provincial government, and the Company anticipates finalizing the certification from the central government in the near future. With today's announcement, five of AOBO's subsidiaries, throughout different provinces, have received recognition to benefit from a 15 percent tax rate through 2011, at the subsidiary level. Additionally, according to the China Banking Regulatory Commission Guiding Opinions Number 94, companies with high-tech status are eligible for benefits in addition to the 15 percent tax rate, potentially including preferential treatment in obtaining other support from the government such as obtaining financial support from the PRC's special Technological Development Fund, and to receive competitive commercial bank loans and subsidized interest.

Mr. Tony Liu, Chairman and CEO of AOBO, stated, "Receipt of high-tech enterprise status further demonstrates the fundamental strength of our business particularly related to our proprietary products and innovation at the subsidiary level. By having this recognition from the government, we are laying the groundwork for our future growth with eligibility for government funding and grant incentives. We are truly proud that AOBO achieved this esteemed status, especially given that very few companies have successfully achieved this status."

High-tech status is awarded by the PRC to recognize companies that consistently invest in new product development, and have substantial revenues generated by their own proprietary patented or innovative products. In this way, the Chinese government encourages domestic and foreign investment in advanced technologies, and has created a series of preferential tax policies to stimulate and promote the production of high-tech products, the provision of high-tech related services and technology transfers into and within China. The Ministry of Science and Technology of China, the Ministry of Finance and the State Administration of Taxation jointly promulgated the Measures For the Recognition and Administration of New and High-Tech Enterprises, which clearly specifies the requirements for the recognition and administration of new and high-tech enterprises.

About American Oriental Bioengineering, Inc.

American Oriental Bioengineering, Inc. is a pharmaceutical company dedicated to improving health through the development, manufacture and commercialization of a broad range of prescription and over the counter products in China.

Statements 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.


'/>"/>
SOURCE American Oriental Bioengineering, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Maureen Mo Zilly Joins the Varian Medical Systems Government Affairs Team as Director, Federal Affairs
2. Atlantica Bioenergy Task Force hosts industry and government leaders
3. SenesTech, Inc. Commences Product Registration Process With Australian Government
4. San Diego universities, government and industry rally around local Clean-Tech cluster
5. Isis Announces Award of Up to $8.4 Million in New Government Grants and Contracts to Its Ibis Biosciences Subsidiary for Pathogen Detection and Human Forensics
6. Cephalon Concludes All Outstanding Federal and State Government Investigations into the Companys Sales and Promotional Practices
7. Enigma Diagnostics Announces an Award of GBP 1.8 Million From UK Government
8. Valley Baptist Health System Selects Concuitys ClearContracts to More Accurately Calculate Payments from Managed Care and Government Payers
9. Lord Lewis Moonie to Serve as Special UK Government Advisor to PharmAthene
10. CBO: Biogenerics Would Save Federal Government $6.6 Billion Over Ten Years
11. BioNeutral Laboratories Announces the Appointment of Stephen Browand as a Director to Head Military, Homeland Security and Governmental Affairs
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/12/2017)... (PRWEB) , ... October 12, 2017 , ... ... in Vilnius, Lithuania, announced today that they have entered into a multiyear collaboration ... to provide CRISPR researchers with additional tools for gene editing across all applications. ...
(Date:10/11/2017)... (PRWEB) , ... October 11, 2017 , ... ... Foundation President Andi Purple announced Dr. Suneel I. Sheikh, the co-founder, CEO ... ASTER Labs ), Inc. has been selected for membership in ARCS Alumni ...
(Date:10/11/2017)... INDIANAPOLIS , Oct. 11, 2017  VMS BioMarketing, a ... of a nationwide oncology Clinical Nurse Educator (CNE) network, which ... growing need for communication among health care professionals to enhance ... physicians, nurses, office staff, and other health care professionals to ... for breast cancer. ...
(Date:10/10/2017)... ... October 10, 2017 , ... San Diego-based team building and cooking events ... announced today. The bold new look is part of a transformation to increase ... a significant growth period. , It will also expand its service offering from its ...
Breaking Biology Technology:
(Date:4/3/2017)... 3, 2017  Data captured by IsoCode, ... detected a statistically significant association between the ... treatment and objective response of cancer patients ... predict whether cancer patients will respond to ... well as to improve both pre-infusion potency testing ...
(Date:3/30/2017)... , March 30, 2017 Trends, opportunities ... (physiological and behavioral), by technology (fingerprint, AFIS, iris recognition, ... recognition, and others), by end use industry (government and ... immigration, financial and banking, and others), and by region ... , Asia Pacific , and ...
(Date:3/27/2017)... , March 27, 2017  Catholic Health ... and Management Systems Society (HIMSS) Analytics for achieving ... Adoption Model sm . In addition, CHS previously ... U.S. hospitals using an electronic medical record (EMR). ... its high level of EMR usage in an ...
Breaking Biology News(10 mins):