BEIJING and CLAREMONT, Calif., May 13, 2010 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced results for the first quarter ended March 31, 2010.
Net sales from ongoing operations were $78,787 and $8,890 for the three months ended March 31, 2010 and 2009, respectively. This reflects a sharp increase in sales of the Company's bio-fertilizer products.
The net loss attributable to Kiwa shareholders for the first quarter was $471,533 and $818,125 respectively. This reflects improved gross profits of $31,109 and a 13% reduction in operating expenses.
Results reported reflect that as of December 31, 2009, the Company has classified its bio-enhanced feed business through Kiwa Tianjin as discontinued operations. As previously announced, Kiwa Tianjin has filed a lawsuit against Challenge Feed in the local court of Wuqing District, Tianjin, where Kiwa Tianjin is domiciled. The local court is currently reviewing the complaint and related documents filed with it.
Kiwa continues to seek capital to strengthen its balance sheet and enable it to take advantage of opportunities supplying the Chinese agricultural industries. During the three months ended March 31, 2010, related parties, including the Chairman and other corporate officers, advanced over $362,400 to the Company.
Please refer to our 10-Q report filed today with the Securities and Exchange Commission for additional information on the results and operations.
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.