BEIJING and CLAREMONT, Calif., June 15, 2009 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBTE) announced results for the first quarter ended March 31, 2009.
Net sales were $658,524 and $2,184,271 for the three months ended March 31, 2009 and 2008, respectively. The net loss attributable to Kiwa shareholders for the first quarter was $818,125 in 2009 and $686,195 in 2008.
During three months ended March 31, 2009, limited capital resources has lowered the capability of purchasing raw materials for the bio-fertilizer operations. The Company's efforts in boosting fertilizer sales revenues were partially offset by requiring customers to pay cash at the time of purchase rather than extending credit. The decrease in revenue in the bio-feed operations was due to adjustments in product mix by dropping low-profit-margin fowl feeds.
Please refer to our 10Q report filed today with the Securities and Exchange Commission for additional information on the results and operations.
Kiwa recently received a Notice of Default from 6% Notes and 2% Notes Purchasers. The Notice of Default stated that the Company is in default of Section 3.3 under the 6% Notes and 2% Notes and declared an event of default under the 6% Notes and 2% Notes. The Company has engaged in discussion with the Investors to resolve the matter.
Kiwa continues to seek capital to strengthen its balance sheet and enable it to take advantage of opportunities supplying the Chinese agricultural industries with animal feeds and pharmaceuticals and with fertilizers and bio-pesticides.
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, 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.