BEIJING and CLAREMONT, Calif., April 15, 2011 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced results for 2010.
Net sales were $88,056 and $38,292 for the twelve months ended December 31, 2010, and 2009 respectively. Net loss attributable to Kiwa stockholders were $2,275,783 and $3,714,529 for fiscal 2010 and 2009, respectively.
During the year ended December 31, 2010, Mr. Wei Li, Chairman and CEO of Kiwa, advanced the Company net additional capital of $1,017,569. As of December 31, 2010, the balance of loans to the Company by officers and related parties was $2,898,242.
Please refer to documents filed with the Securities and Exchange Commission for additional information on the results.
Last year Kiwa Tianjin asserted that Challenge Feed unlawfully disposed of assets held by Kiwa Tianjin. Such assets include machinery and equipment and inventories. Kiwa Tianjin announced it was seeking damages against Challenge Feed in the amount of approximately RMB 2.2 million in total. The local court of Wuqing District has informed the Company that it will not examine the lawsuit against Challenge Feed since Challenge Feed has entered into bankruptcy proceedings. Related matters will be solved during Challenge Feed's bankruptcy proceedings. On August 29, 2010, Kiwa Tianjin filed objections to the local court of Wuqing District and Challenge Feed's bankruptcy administrator. According to Challenge Feed's bankruptcy administrator, the filed objections have been received but have not been examined.
This past summer we announced that Kiwa was seeking to gain market awareness for its fertilizer products by working closely with Kangtai and San Kang Safe Agricultural Distribution Network Project (San Kang Club). This includes a prototype vegetable delivery model to satisfy high-end customers' demand for better food. Kangtai has contracted to grow food in fields only fertilized with Kiwa Bio-Tech's fertilizers and is delivering these products directly to customers. The vegetable baskets have Kiwa's logo much as many computers have a sticker, "Intel Inside".
There has been strong market acceptance of the green food products. The Company expects improved results during this growing season. However, severe weather and droughts in large agricultural areas of China make it difficult to forecast fertilizer demand.
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.