CCXA is located in the Jilin province and owns a portfolio of plant based products, including both prescription and over-the-counter pharmaceutical products, marketed in China. Among CCXA's assets is a set of women's health products which the company believes are complementary to its current product portfolio and GMP certified manufacturing facilities which can produce different product formulations including capsules and injectables. Based on the unaudited financial statements, CCXA was profitable for its 2006 fiscal year.
AOB believes that this transaction, if completed, is consistent with its acquisition strategy to acquire companies that are accretive to its operations within one year of closing and provides a strategic fit with the company's existing business. This transaction is subject to the parties entering into a definitive agreement, including a price that will be subject to customary closing conditions.
About American Oriental Bioengineering, Inc.
American Oriental Bioengineering is a leading, fully integrated, plant based pharmaceutical and plant based nutraceutical company dedicated to improving health through the development, manufacture and commercialization of modernized plant based products in China.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical facts. For example, while we believe that this acquisition, if consummated, could be accretive within one year of the closing of the transaction, we cannot assure you that the transaction will be accretive. Additionally, CCXA's results of operations for the year ended December 31, 2006 were based on unaudited financials statements and could change based on an audit. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward- looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward- looking statements to reflect events or circumstances after the date hereof.
Source: American Oriental Bioengineering
