BEIJING and CLAREMONT, Calif., Dec. 28, 2009 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced results of voting at its annual meeting held December 28th in Beijing.
Mr. Wei Li, Mr. Xucheng Hu, Mr. Lianjun Luo, Mr. Yunlong Zhang and Prof. Qi Wang were elected to the Board of Directors, each receiving in excess of 99% of the votes of those shares represented in person or by proxy at the Annual Meeting and which were voted for the election of directors, and therefore, each of them was elected as a director to serve for the term expiring on the date of the Company's 2010 annual meeting and until his or her respective successor is duly elected and qualified.
Based on shares represented in person or by proxy at the Annual Meeting, AGCA, Inc. was appointed to act as the Company's independent auditors for the fiscal year ending December 31, 2009.
The vote to increase the number of authorized shares to 800,000,000 from 400,000,000 failed to receive a majority of votes in favor and therefore was not approved.
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.