Yangling, Shaanxi, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corp. (OTCQB: KWBT) (“Kiwa Bio-Tech” or “the Company”), an emerging agricultural company that develops, manufactures and sells bio-fertilizers has announced the Company’s financial results for the three months ended September 30, 2018.
Third Quarter (Q3) Financial Results Highlights
- Record Quarterly revenue in Q3 2018 of $7,725,583.
- Record Quarterly gross profit in Q3 2018 of $2,273,458.
Results of Operations (Q3)
Kiwa Bio-Tech delivered strong growth in sales for the Third Quarter of 2018. To date, we continues to successfully execute our planned strategy of consistently increasing our sales distribution channels and further penetrating the agricultural planting markets.
Third Quarter sales totaled $7,725,583 compared to the third quarter in 2017 of $31,025. This reflects an increase in sales of approximately $7,700,000 USD vs. the previous third quarter results.
Third Quarter gross profit totaled $2,273,458 compared to $11,328 in the third quarter of 2017. This reflects an increase in gross of profit approximately $2,300,000 vs. the previous third quarter results.
Corporate Operating Expenses decreased by 15% during the third quarter.
Corporate Highlights (Q3)
Relocated Corporate Headquarters to Yangling China.
Completed Testing and Achieved Excellent Results of our Trinity Agriculture Platform.
Kiwa Research Institute’s Complete Agricultural Innovation Model was selected by the Yangling Government as the NEW STANDARD in agricultural practices.
Achieved Number One Position to Participate in Yangling’s Demonstration Planting Bases that uses over Seven Billion Eight Hundred Million ($7,800,000,000) of microbial fertilizers annually.
Management Comment
CEO Ms. Wang stated, “A major milestone was achieved by the company in the third quarter. Kiwa's “trinity marketing, supply chain finance model, and an integrated planting and breeding model” ---- 1+2 model have completed testing at the Kiwa "Trinity" county workstation and at the Yangling Modern agricultural precision poverty alleviation demonstration park, independently. The Company will be implementing this new model in the fourth Quarter and we expect it will bring Kiwa Bio-Tech Products Corp. a substantial increase in total sales moving forward.”
“In the third quarter of 2018, the Company made a strategic move to relocate the Company headquarters to Yangling, China. This move was voted on and unanimously approved by the board of directors based on all the government incentives offered to Kiwa Bio-Tech Products Corp.”
“General and administrative expenses decreased by approximately 10% is mainly due to the average cost of running a business in Yangling is significantly lower, which reduced the general and administration expenses. Additionally, the Kiwa Bio-Tech Products Corp. marketing team is now expanding to the western region of China. The Company’s operating performance continues to be driven by the strength of our market-leading diversified fertilizer products line.”
“Kiwa Bio-Tech Products Corp. has laid the groundwork for further expansion as the company mainly promoted its eco-friendly Agricultural Innovation Model (AIM) and its technical aspects of eco-friendly management for efficient planting, and proposed solutions to a series of problems existing in China's agriculture. This advanced process includes scientific planting and standardized management.”
Business Outlook
Kiwa's eco-friendly agricultural innovation model---- 1+2 model “Trinity” received an official letter from the Yangling government regarding implementation of Kiwa's Complete Agricultural Innovation model to a national-level Yangling model, and copy and promote it in Yangling's demonstration planting bases. The Yangling government has more than 300 demonstration planting bases covering approximately 4.4 million hectares, which generate a use of approximately US$7.8 billon USD in microbial fertilizers annually.”
The 54 standard specifications for planting of major crops edited by Kiwa’s Research Institute have also been promoted to the national agricultural planting areas by the Yangling Demonstration Zone as the standard system for scientific planting and standardization management throughout China.
The Company is continually striving to establish a standardized eco-friendly agricultural industry chain in China.
Further information regarding the Company's business and results of operations are included in the Company's Quarterly Report on Form 10-Q at www.sec.gov, which the Company filed on November 19, 2018.
About Kiwa Bio-Tech Products Group Corp.
Leader in Eco-friendly Agricultural Industry Chain
Kiwa Bio-Tech Products Group Corp. (KWBT) is a publicly traded company with corporate headquarters in Yangling, Shaanxi, China. The company develops, manufacture, markets and distributes innovative and environmentally safe bio-technological products for agriculture. Kiwa’s focus is to positively impact the environment by reducing the amount of chemical fertilizers that are being used by agricultural growers in China.
Kiwa Bio-Tech Products Group Corp. products are covered by patent protection and are designed to enhance the quality of human life by increasing the value and productivity of agricultural crops.
For more information on Kiwa Bio-Tech Products Group Corp. or its bio-fertilizer products and smart soil remediation technology, please refer to the Company’s website at www.kiwabiotech.com or the Company filings with the United States Securities and Exchange Commission at www.sec.gov.
Forward-Looking Statements
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’s actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, the foreign exchange risk amid the unexpected announcements by the PRC government and various other factors beyond the Company’s control. Kiwa Bio-Tech Products Group Corp. 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.
Contact:
Kiwa Bio-Tech Products Group Corporation
ir@kiwabiotech.com
Consulting for Strategic Growth 1, Ltd
info@cfsg1.com
1-800-625-2236