American Oriental Bioengineering Announces Approval for Listing on New York Stock Exchange
November 28 2006 - 7:30AM
PR Newswire (US)
Company Expects to Commence NYSE Trading in December 2006 NEW YORK,
Nov. 28 /PRNewswire-FirstCall/ -- American Oriental Bioengineering,
Inc., (Amex: AOB; NYSE Arca: AOB), a leading manufacturer and
distributor of plant-based pharmaceutical and nutraceutical
products in China, announced today it has received approval for
listing on the New York Stock Exchange (NYSE). The Company
anticipates its shares of common stock will begin trading on the
NYSE on December 18, 2006. Until that time, the Company's shares
will continue to trade on the American Stock Exchange and the NYSE
Arca exchange under the symbol "AOB". "We are proud to be among a
very select group of China-based companies to list on the NYSE, as
well as the first China-based pharmaceutical and nutraceutical
company to list on the NYSE, and we expect this event to raise our
visibility in the global financial markets. By transferring to one
consolidated trading platform at the NYSE, we believe we can
achieve greater price efficiency which will ultimately more
accurately reflect shareholder value," said Tony Liu, Chairman and
CEO of AOB. "We thank our partners at the American Stock Exchange
and the NYSE Arca for the important role they played in our
evolution. We are excited to move forward with this new chapter in
our Company's history." AOB's products are distributed throughout
all 28 provinces in China. The market for pharmaceutical products
in China is expected to be the world's largest by 2020, and is
currently estimated at $50 billion. The Company listed on the
American Stock Exchange in July 2005 and on the NYSE Arca in
November 2005. Today, AOB has a market capitalization of over $600
million and net cash per share of $0.97 as of September 30, 2006.
AOB reported third quarter 2006 revenue growth of 102% to $27.0
million and net income growth of 104% to $7.6 million versus the
prior year's quarter. "AOB provides many of the leading
pharmaceutical and nutraceutical products in China, and is a known
brand in one of the world's largest healthcare markets," said John
A. Thain, CEO of NYSE Group, Inc. "On behalf of the NYSE Group, I
am very pleased to extend our relationship with AOB as the company
enters the next stage of growth and look forward to providing the
highest levels of market quality to the company and its
shareholders." About American Oriental Bioengineering Inc. American
Oriental Bioengineering Inc. (AOB) is engaged in the development
and production of plant-based pharmaceutical products and
plant-based nutraceutical products widely distributed throughout
China. For more information, visit http://www.bioaobo.com/. About
NYSE Group, Inc. NYSE Group, Inc. (NYSE:NYX) operates two
securities exchanges: the New York Stock Exchange (the "NYSE") and
NYSE Arca, Inc. (formerly known as the Archipelago Exchange, or
ArcaEx(R), and the Pacific Exchange). NYSE Group is a leading
provider of securities listing, trading and market data products
and services. In the third quarter of 2006, on an average trading
day, 2.2 billion shares, valued at $80.1 billion, were traded on
the exchanges of the NYSE Group. The NYSE is the world's largest
and most liquid cash equities exchange. The NYSE provides a
reliable, orderly, liquid and efficient marketplace where investors
buy and sell listed companies' common stock and other securities.
On September 30, 2006, the operating companies listed on the NYSE
represented a total global market capitalization of $23.1 trillion.
NYSE Arca operates NYSE Arca, Inc., the first open, all-electronic
stock exchange in the United States, and has a leading position in
trading exchange-traded funds and exchange-listed securities. NYSE
Arca, Inc. is also an exchange for trading equity options. NYSE
Arca's trading platforms provide customers with fast electronic
execution and open, direct and anonymous market access. NYSE
Regulation, an independent not-for-profit subsidiary, regulates
member organizations through the enforcement of marketplace rules
and federal securities laws. NYSE Regulation also ensures that
companies listed on the NYSE and NYSE Arca meet their financial and
corporate governance listing standards. 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 statements filed from time to time 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. DATASOURCE: American
Oriental Bioengineering, Inc. CONTACT: Ashley M. Ammon or Bill Zima
of Integrated Corporate Relations, Inc., +1-203-682-8200, for
American Oriental Bioengineering, Inc. Web site:
http://www.bioaobo.com/
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