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American Oriental Bioengineering, Inc. Completes Acquisition of 50-Year-Old, Highly-Respected State Owned Pharmaceutical Company.

Publication: PR Newswire
Publication Date: 09-SEP-04 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Acquisition of HSPL to Increase Net Profits by 50% and Add $12 Million in Net Assets by 2005

America Oriental Bioengineering Inc., (BULLETIN BOARD: AOBO) , a rapidly growing Chinese company which produces and distributes a broad range of pharmaceutical and nutraceutical products, today announced the successful completion of its acquisition of Heilongjiang Songhuajiang Pharmaceutical Limited ("HSPL"), a Chinese state-owned pharmaceutical company.

The company entered into a letter of intent on or about May 26, 2004. With a total purchase price of $7.2 million in cash, AOBO acquired 100% equity ownership of HSPL. The purchase price includes all manufacturing assets, facilities, equipment, land and land use rights, raw material, inventories, intellectual properties and technical talents. The unaudited total revenue for HSPL in 2003 amounted to approximately $4.2...

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