BEIJING and CLAREMONT, Calif., Aug. 19, 2010 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced results for the second quarter ended June 30, 2010.
Net sales from ongoing operations were $4,101 and $21,134 for the three months ended June 30, 2010 and 2009, respectively. The net loss attributable to Kiwa shareholders for the second quarter was $460,817 and $623,584 respectively.
"In the first half of this year, by a relative surplus of production capacity, low-temperature weather, delayed spring fertilizer time, drought in southwest China, northeast market saturation and other factors, the overall performance of China's fertilizer industry is light." China Fertilizer Market Week, (http://www.china-fertinfo.com.cn/english/show_news.asp?id=528)
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 six months ended June 30, 2010, related parties including the Chairman and other corporate officers advanced over $668,743 to the Company.
Please refer to our 10Q 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.