CLAREMONT, Calif., July 30, 2007 (PRIME NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced that stockholders approved election of the Board of Directors and the appointment of Mao & Company CPA's Inc. as Kiwa's auditing firm at the recent annual meeting. At that meeting, and at subsequent internal meetings, management provided the following update for investors.
Sales of organic animal feed at Kiwa Tianjin (a joint venture formed in 2006) continue to strengthen. 2,500 tons of feed for pigs, fish, goats and chickens were sold in the past month.
Kiwa broke off acquisition discussions with the company with which it had signed a letter of intent, but has identified several target acquisitions out of over 30 candidates. The Company is engaged in discussions with three companies regarding an acquisition based on four criteria:
* GMP qualified for veterinary pharmaceutical production; * well run, modern factory operations; * revenue producing and good financial condition; * strong management team.
Professor Qi Wang, China Agriculture University of Beijing and newly elected member of the Kiwa Board, discussed research conducted by the Kiwa-CAU R&D Center. Research is focused on developing alternatives to chemical fertilizers, pesticides and antibiotics using organic nutrients and beneficial bacteria like bacillus. Forty graduate and post-graduate students participate in laboratory and greenhouse testing of formulations specific for different vegetables and grain crops. The center recently finished the development of two new feed additive products, for which Kiwa Tianjin has started a trial test.
Mr. Wei Li, Chairman and CEO of Kiwa, commented, "We anticipate strong sales growth in the second half of 2007 due to the business plan put in place over the past two years. We encourage investors in North America with questions about the company's progress to contact Yvonne Wang in the Company's California office, (626) 715-5855, kiwabiotech@gmail.com or Robert Schechter of Equity Communications at 212-499-6809, ir4kiwa@hotmail.com."
About Kiwa Bio-Tech Products Group Corporation
The Company develops, manufactures, distributes and markets innovative, cost-effective, and environmentally safe bio-technological products for agricultural and natural resources and environmental conservation. The Company's products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes. For more information about the Company, please visit the Company's website at http://www.kiwabiotech.com.
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 by 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.