NEWARK, N.J., June 18, 2012 /PRNewswire-Asia-FirstCall/ -- The Board of Directors (the "Board") of American Oriental Bioengineering, Inc. , (the "Company", or "we" ), by unanimous written consent appointed Cosimo J. Patti, an independent director of the Board since 2004, as the Chairman of the audit committee of the Board. Mr. Patti has no family relationships with any of the executive officers or directors of the Company. There have been no transactions in the past two years to which the Company or any of its subsidiaries was, or is to be a party, in which Mr. Patti had or will have a direct or indirect material interest. 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. SOURCE American Oriental Bioengineering, Inc.
Shares of American Oriental Bioengineering (NYSE:AOB) have taken a tremendous swing upward. The stock is trading at $1.83 as of 3:31 p.m. ET, 20.4% above Tuesday's closing price of $1.52. Volume is at 1.7 million, 4.5 times the daily average of 372,700.