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American Oriental Bioengineering Completes Acquisition of Guangxi Boke Pharmaceutical Company Ltd.
NEW YORK, Oct. 18 /PRNewswire-FirstCall/ -- American Oriental
Bioengineering, Inc. ( AOB) ("AOBO"), a leading manufacturer and
distributor of plant-based pharmaceutical and nutraceutical products, today
announced that it has completed the acquisition of Guangxi Boke
Pharmaceutical Company Limited ("Boke"). The purchase price for this all
cash transaction is approximately USD$36.5 million (RMB 274 million) and
the acquisition is accretive immediately upon closing.
Boke is located in the city of Nanning in the Guangxi province of China
and was founded in 1995. Boke manufactures and distributes plant-based
pharmaceutical, nutraceutical and personal care products, marketed
primarily in China, with the majority of its products sold
over-the-counter. The Company's major revenue generating product line
alleviates nasal congestion and provides sinus relief, and is available in
spray, tablet, capsule and granule formulations. Other products include a
medical shampoo product approved by China's Ministry of Health to treat
dandruff, as well as lozenges to alleviate sore throat symptoms. In 2006,
Boke generated revenues of approximately USD$12.0 million (RMB 91 million)
and was profitable. Boke's manufacturing facility in Nanning is a GMP
certified manufacturing facility. The Company has a sales force that
exceeds 600 individuals and an expansive distribution network of primarily
pharmacies throughout China.
Tony Liu, Chief Executive Officer of AOBO stated, "We are very pleased
to close this transaction. Boke has an exciting portfolio of products,
including its nasal congestion and sinus relief products, that can be used
by a large segment of the population in China. This acquisition further
diversifies our product offering, provides added consistency to our revenue
stream and allows us the opportunity to strengthen our OTC distribution
network in China."
"As we move forward, we intend to select Boke's most promising and
profitable products to leverage across our large distribution network. We
see the opportunity to further strengthen Boke's product line, improve
operating efficiency, and maximize pricing for their leading products. We
are eager to integrate our latest acquisition into AOBO's corporate culture
and look forward to their many contributions to our business in the years
to come," concluded Liu.
The monetary exchange rate used for this transaction is US$1.00 : RMB
7.51.
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. 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, Inc.













