ZOUCHENG CITY, China, July 14, 2004 (PRIMEZONE) -- Kiwa Bio-Tech Products Group Corporation ("the Company" or "KIWA"), (OTCBB:KWBT) announced today that its Chinese subsidiary has received a loan in the amount of approximately $304,000 USD from a local government agency in China to facilitate development of the company's products.
The loan bears no interest and does not require repayment until the company obtains profitability. When repayment begins, the company will only be required to use 1% of its annual net profits to repay the loan annually until it is paid in full.
Wei Li, Chairman and CEO of KIWA stated, "Companies must be qualified as valuable, innovative, high-tech enterprises in China to receive such a loan. The favorable terms of the loan represent a vote of confidence in KIWA's technologies and a strong show of support from the Chinese government."
About KIWA Bio-Tech Products Group Corporation
KIWA develops, manufactures and distributes innovative, cost-effective, and environmentally safe bio-technological products to agricultural and environmental protection markets. The Company's goal is to have people in China and elsewhere in the world eat healthier, drink cleaner and live longer. The Company is a pioneer in commercialization of biotechnology, having an offshore manufacturing base in Shandong Province, China and distributing bio-tech products worldwide.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
The KIWA logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1093