AOB Issues Comments on Technology Integration and Cosimo Patti.

AOB posted new disclosures on its website titled, “Additional AOBO Comments on Third Parties [sic] Website Postings.” The response gives explanations for certain issues relating to AOB’s independent director Cosimo Patti and a Hong Kong company with which certain AOB officers are involved.

The company’s statements make clear that AOB was not involved in providing extra compensation to its independent director Cosimo Patti, or the business formerly controlled by Patti, Technology Integration Group, Inc. (“TIG”).

AOB’s new disclosures address Mr. Patti’s role in TIG reporting revenue in consulting fees from AOB in TIG’s SEC filings. AOB comments, “What appears to be the case is that certain monies paid to Mr. Patti (a director of AOB) in respect of director’s fees and travel and business related expenses were paid over by him to TIG (presumably pursuant to an arrangement Mr. Patti had with TIG).”

AOB made further comments concerning Silver Linkage Holdings Ltd. (“Silver”), the Hong Kong company where AOB’s CEO and CFO are involved. AOB states, “It is also AOB’s understanding that certain of its officers’ relationships with Silver are in the officer’s individual capacities and have nothing to do with AOB’s business.” The AOB statement says that the letter from Patti to Silver referred to a contract that was never executed.

The only contention concerning Silver in the reports was that the involvement of AOB’s officers in this company should be disclosed in AOB’s SEC filings.

Click here and here to read the prior reports on these matters.

Posted in American Oriental Bioengineering, Inc.

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