NEW YORK, June 2 /PRNewswire-FirstCall/ -- American Oriental Bioengineering (NYSE: AOB) today announced that its Board of Directors has authorized a share repurchase program for the repurchase of up to $75 million of the Company's outstanding common stock.
Purchases under this program may be made, from time to time, in the open market, privately negotiated transactions, and accelerated stock repurchase transactions or otherwise, as determined by American Oriental Bioengineering and will be funded from available working capital. The number of shares to be purchased and the timing of purchases will be based on several factors, including the price of American Oriental Bioengineering's stock, general business and market conditions and other investment opportunities.
As of May 31, 2008 American Oriental Bioengineering had 78,222,516 shares of common stock outstanding.
American Oriental Bioengineering
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. For more information, visit http://www.bioaobo.com .
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-K for the year ended December 31, 2007 and the Form 10-Q for the quarter ended March 31, 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.|
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