LOS ANGELES, July 9, 2004 (PRIMEZONE) -- Kiwa Bio-Tech Products Group Corporation ("the Company" or "KIWA") (OTCBB:KWBT) announced today that it has signed a cooperative Letter of Intent (LOI) with Salinas, California based Reforestation Technologies International, Inc. (RTI).
The LOI is intended as a marketing agreement whereby KIWA will market RTI's products in the China market utilizing its sales and distribution channels.
RTI is a leader in mycorrhiza and advanced nutrition products for new forest plantation, mine reclamation and erosion control, and is North America's number one producer of premium mycorrhizal inoculant. Their Planter Pak Technology combines a sophisticated blend of controlled release fertilizers in a simple and highly effective "Root Zone Delivery" system. Planters Paks are safe to handle, economical and been shown to consistently increase plant biomass by 240% to 400% over non-treated seedlings in the first three to five years. RTI's proven technology has been used for over a decade in Reforestation, Mine Reclamation, Land Restoration and Ornamental Applications.
Wei Li, Chairman and CEO of KIWA stated, "KIWA is pleased to enter into this alliance with RTI. Their premium mycorrhizal products are best used in native vegetation restoration, forestry and agriculture due to their ability to form an extensive hyphal network in soil." Li continued, "Desertification has been claiming land at the speed of 600,000 acres per year in China since the 1990s. Currently, total desertification in China stands at 650,000,000 acres, which is 27.3% of the total area of the country. Among this land, close to 20,000,000 acres are arable lands. Reforestation has been a continuous effort that may reach up to 7,000,000 acres per year." Li added, "To enhance our product offerings and shorten the product development cycle, Kiwa is continuously focused on forming relationships with selected companies in the United States whose products complement what KIWA is already doing in China. By increasing the number and diversity of products we offer to the marketplace, KIWA will establish itself as a key supplier of bio-agricultural products in China and eventually in the US markets as well."
For more information on KIWA and its products, please refer to the website at: www.kiwabiotechgroup.com.
About KIWA Bio-Tech Products Group Corporation
KIWA develops, manufactures and distributes innovative, cost-effective, and environmentally-safe bio-technological products to agricultural and environmental protection markets. The Company's goal is to have people in China and elsewhere in the world eat healthier, drink cleaner and live longer. The Company is a pioneer in commercialization of biotechnology, having an offshore manufacturing base in Shandong Province, China and distributing bio-tech products worldwide.
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 within 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.
The KIWA logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1093