NEW YORK, June 2 American OrientalBioengineering (NYSE: AOB) today announced that its Board of Directors hasauthorized a share repurchase program for the repurchase of up to $75 millionof the Company's outstanding common stock.
Purchases under this program may be made, from time to time, in the openmarket, privately negotiated transactions, and accelerated stock repurchasetransactions or otherwise, as determined by American Oriental Bioengineeringand will be funded from available working capital. The number of shares to bepurchased and the timing of purchases will be based on several factors,including the price of American Oriental Bioengineering's stock, generalbusiness and market conditions and other investment opportunities.
As of May 31, 2008 American Oriental Bioengineering had 78,222,516 sharesof common stock outstanding.
American Oriental Bioengineering
American Oriental Bioengineering, Inc. is a pharmaceutical companydedicated to improving health through the development, manufacture andcommercialization of a broad range of prescription and over the counterproducts in China. For more information, visit http://www.bioaobo.com .
Statements made in this press release are forward-looking and are madepursuant to the safe harbor provisions of the Securities Litigation Reform Actof 1995. Such statements involve risks and uncertainties that may cause actualresults to differ materially from those set forth in these statements. Theeconomic, competitive, governmental, technological and other factorsidentified in the Company's filings with the Securities and ExchangeCommission, including the Form 10-K for the year ended December 31, 2007 andthe Form 10-Q for the quarter ended March 31, 2008, may cause actual resultsor events to differ materially from those described in the forward lookingstatements in this press release. The Company undertakes no obligation topublicly update or revise any forward-looking statements, whether because ofnew information, future events, or otherwise.
SOURCE American Oriental Bioengineering, Inc.