CLAREMONT, Calif., Jan. 04, 2017 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCQB:KWBT) is pleased to announce the successful completion of 2016 business goals. Following the completion of a reorganization at the end of 2015, the Company is successfully completed milestones pertaining to growth and profitability.
As of December 31, 2016, KIWA achieved product sales well in excess of its projected levels in its 2016 business plan. Specifically, the company reported total product shipments of more than 55,000 tons and total sales of nearly US$9,000,000. The level of both product shipments and revenues significantly exceed comparable prior periods.
The Company also applied for fertilizer registration certificates for its newly developed fertilizers. The Company believes that this will also facilitate growing sales in 2017 and beyond.
During 2016, KIWA successfully established several strategic marketing relationships. These included partnerships with CCOOP Group Co., LTD, Joyvio Great Northern Wilderness Holding Company, Hunan, Hainan, Shandong and Hebei Provinces and several other distributors who are evaluating and testing the Company’s new line of products. In addition, KIWA is poised to further expand sales in 2017 through two new subsidiaries, which are focused on Shenzhen, Guangdong Province and Gu’an, Hebei Province. These relationships should support and provide sales channels for the launch of new Kiwa fertilizer products for sale across the distribution network in 2017.
In September 2016, company had signed an acquisition agreement with the Tangshan Deruifeng Technology Co., Ltd., but ultimately decided to terminate the acquisition as the target was not able to meet the financial requirements of a USGAAP audit. Currently, KIWA is in negotiation with two additional manufacturing facilities in China that the Company believes will be able to meet the requirements of a USGAAP audit. The Company believes that with its improved technology and bacteria fermentation ability, KIWA will be able to sell its patented products to other producers and continue participating in the rapid growth of the “bio-fertilizer” industry in China.
To increase its operating capacity, the company also completed the issuance of 1,775,000 shares of common stock, with net proceeds of almost $1.42 million US dollars.
Overall, the company was very successful in implementing its goals for 2016 and is poised to do so again in 2017.
For more information on Kiwa and its products, please refer to the Company’s website at www.kiwabiotech.com or the Company filings with the United States Securities and Exchange Commission, available for free at www.sec.gov.
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 U.S. 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.