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:10/10/2017)... (PRWEB) , ... October 10, 2017 , ... ... recipients of 13 prestigious awards honoring scientists who have made ... in a scheduled symposium during Pittcon 2018, the world’s leading conference and exposition ...
(Date:10/9/2017)... ... ... The award-winning American Farmer television series will feature 3 Bar Biologics in an ... on RFD-TV. , With global population estimates nearing ten billion people by 2050, ... a growing nation. At the same time, many of our valuable resources are becoming ...
(Date:10/9/2017)... ... 09, 2017 , ... The Giving Tree Wellness Center announces ... needs of consumers who are incorporating medical marijuana into their wellness and health ... As operators of two successful Valley dispensaries, The Giving Tree’s two founders, Lilach ...
(Date:10/7/2017)... Arizona (PRWEB) , ... October ... ... 15 years’ experience providing advanced instruments and applications consulting for microscopy and ... in-house expertise in application consulting, Nanoscience Analytical offers a broad range of ...
Breaking Biology Technology:
(Date:4/13/2017)... , April 13, 2017 According to a ... Identity Authentication, Identity Analytics, Identity Administration, and Authorization), Service, Authentication Type, Deployment ... the IAM Market is expected to grow from USD 14.30 Billion in ... Rate (CAGR) of 17.3%. ... MarketsandMarkets Logo ...
(Date:4/11/2017)... BROOKLYN, N.Y. , April 11, 2017 /PRNewswire-USNewswire/ ... identical fingerprints, but researchers at the New York ... University College of Engineering have found that partial ... fingerprint-based security systems used in mobile phones and ... previously thought. The vulnerability lies in ...
(Date:4/5/2017)... Allen Institute for Cell Science today announces the launch ... dynamic digital window into the human cell. The website ... deep learning to create predictive models of cell organization, ... suite of powerful tools. The Allen Cell Explorer will ... resources created and shared by the Allen Institute for ...
Breaking Biology News(10 mins):