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AOBO Completes Purchase of Soybean Protein Peptide Project
January 28, 2003 12:06:00 PM ET
HONG KONG, Jan. 28 /PRNewswire-FirstCall/ -- American Oriental Bioengineering Inc. (OTC Bulletin Board: AOBO)
announced that its board of directors has approved the completion of the Soybean Protein Peptide project purchase, worth an estimated $40 million, effective immediately.
On October 11, 2002, AOBO filed an Information Statement Pursuant to Section 14(c) of the Securities Exchange Act of
1934, announcing that a total of 20,284,810 shares of Common Stock and 1,000,000 shares of Class A Preferred Stock will be issued by AOBO in consideration for 100% ownership interest in a soybean protein peptide
biochemical engineering project (the "Project") as described in the Purchase Agreement dated as of August 17, 2002 signed by Shujun Liu and AOBO. The value of the Common Stock to be issued is approximately
$3,205,000, which is equivalent to $0.158 per share of common stock, which is the average of the closing price for the five-day period immediately following the date of the Purchase Agreement, August 19, 2002 to
August 23, 2002. By acquiring the Project, among other assets, AOBO will acquire ownership of the building housing the Project's manufacturing plant, manufacturing equipment, and environmental control equipment of
which the historical cost is approximately $3,205,000.
In addition, AOBO will receive the right to produce the products that resulted from the Project as well as ownership
rights on a pending patent in China for the process of the extraction and production of soybean peptide. The Project, including the production, marketing and sales of various functional soybean peptide medical
tablets and powders, has a fair market value of $40,406,000.
About American Oriental Bioengineering, Inc.
American Oriental Bioengineering, Inc. is a leading Chinese nutracuetical company that uses proprietary processes for
producing soybean protein peptide more efficiently than traditional extracting techniques. These techniques are used to manufacture and formulate supplemental and medicinal products. The Company focuses on new
product research to combine biotechnology and Chinese medical technology to capture the increasing demand for traditional Chinese medicines and health supplements, both domestically and internationally. Soybean
peptides are used widely in general food and health food products, sports foods, medicines, fermentation industry and in environmental protection applications
Safe Harbor Statement
Except for the historical statements made herein, the statements made in this release are forward-looking statements,
including. Risk factors that could cause actual results to differ materially from those projected in forward-looking statements include, but are not limited to, general business conditions, managing growth, and
political and other business risks. Although the Company believes that the forward-looking statements contained herein are reasonable, it can give no assurance that the Company's expectations are correct. All
forward-looking statements are expressly qualified in their entirety by this Cautionary Statement and the risks and other factors detailed in the Company's reports filed with the Securities and Exchange Commission.
China Contact: Lily Li
86-451-6666601
F: 86-451-6690967
[EMAIL PROTECTED]
Hong Kong Contact: Clarence Chan
852-9522-3111
F: 852-2829-7410
[EMAIL PROTECTED]
Investor Contact: Harvey Goralnick/David Zazoff
FOCUS Partners LLC
212-752-9445
[EMAIL PROTECTED]
© 2003 PRNewswire
more...
AOBO Completes Purchase of Soybean Protein Peptide Project
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AOBO Expands Into Japan; Signs LOI to Export Its Soybean Protein Peptide Products
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