BEIJING and CLAREMONT, Calif., Dec. 31, 2008 (GLOBE NEWSWIRE) -- 2008 Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) held the annual stockholder meeting and other management meetings on December 30 and 31, 2008.
All resolutions before the stockholders were approved including reelection of the Board of Directors, ratification of the appointment of Mao & Company, CPAs, Inc., as independent auditor and approval of an amendment to increase the number of authorized shares to 400,000,000 from 200,000,000. There were present in person or by proxy, stockholders of the common stock of the Company representing 75.97% of the shares issued, outstanding and entitled to vote at the meeting.
During corporate management meetings, Mr. Wei Li, CEO and Chairman, stated, "Kiwa received its first order for chemical fertilizer, a new business segment for the Company, to be delivered early in 2009. This order is for approximately RMB 20 million."
By the end of 2008, Kiwa had received six fertilizer registration certificates. It is expected that the Company will receive another two bio-organic fertilizer registration certificates from the Ministry of Agriculture of the PRC in January 2009. Mr. Li noted, "Along with previously announced certifications for organic products these registrations provide a solid foundation for a broad range of fertilizer products."
Kiwa continues to pursue development of a veterinary products business segment to include but not be limited to AF-01, an aerosol antiviral. To this end, the Company has held discussions with a potential acquisition target located in Inner Mongolia of China and has applied for a registration certificate for a new veterinary drug.
The world wide financial crisis and the conversion to and sale of Kiwa's stock related to a previous loan have significantly reduced the value of the stock and caused significant difficulties for raising new capital. Management is actively in discussions with potential investors, including the Chinese government and hopes to close a new round of financing in early 2009 that reflects management's expectations that sales revenue will grow rapidly and performance of the Company will improve in 2009.
During these meetings Mr. Lianjun Luo, Chief Financial Officer, stressed that enhancing profit margin is Kiwa's top priority. Prof. Qi Wang, Director of Kiwa-CAU R&D Center, noted that his team has been screening for beneficial bacterial strains, preparing materials for patent applications and providing technical support to end-users of Kiwa's products.
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 review documents filed with the SEC (www.sec.gov) or visit the Company's website at 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.