NEWARK, N.J., April 6, 2012 /PRNewswire-Asia-FirstCall/ --
American Oriental Bioengineering, Inc. (NYSE: AOB) (the "Company")
today announced that the New York Stock Exchange (the "NYSE") has
notified the Company that it is not in compliance with NYSE rules
due to the Company's failure to timely file its Annual Report on
Form 10-K with the Securities and Exchange Commission.
Under NYSE rules, when a Company does not comply with annual
report filing requirements, the NYSE allows a company an additional
six months to file its annual report in order to regain
compliance. In the case of the Company, the annual report
would be due on or before October 29,
2012. If the Company fails to file its annual report
within that time period, the NYSE may, in its sole discretion,
allow the Company's securities to remain listed for up to an
additional six months or may, in its sole discretion, commence
suspension and delisting procedures.
As previously announced, during the performance of the annual
audit of the Company's financial statements for the fiscal year
2011, the Company's auditors, Ernst & Young Hua Ming's (E&Y), noted certain
inconsistencies. As a result, the Audit Committee has
commenced an independent investigation into the matters identified
by E&Y. Although the Company cannot know at this time how
long the investigation will take, the Company will endeavor to file
the Form 10-K as soon as possible upon the completion of the
investigation.
About American Oriental Bioengineering, Inc.
American Oriental Bioengineering, Inc. is a pharmaceutical
company dedicated to improving health through the development,
manufacture and commercialization of a broad range of prescription
and over the counter products.
Safe Harbor Statement
Statements made in this press release are forward-looking and
are made pursuant to the safe harbor provisions of the Securities
Litigation Reform Act of 1995. Such statements involve risks
and uncertainties that may cause actual results to differ
materially from those set forth in these statements. The
economic, competitive, governmental, technological and other
factors identified in the Company's filings with the Securities and
Exchange Commission may cause actual results or events to differ
materially from those described in the forward looking statements
in this press release. The Company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether because of new information, future events, or
otherwise.
Contact:
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American Oriental
Bioengineering, Inc.
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Hong Zhu
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(646)
367-1765
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SOURCE American Oriental Bioengineering, Inc.