Yangling, Shaanxi, China, April 08, 2020 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corp. (KWBT) (“Kiwa Bio-Tech” or “the Company”), an emerging agricultural company that develops, manufactures and markets bio-fertilizers in the multi-billion China agriculture and aquaculture markets, and develops smart soil remediation technology for global agriculture markets, today announced that after 6 months of negotiation Shaanxi Branch of Postal Savings Bank of China (“PSBC”) will provide up to a 100 million RMB (approximately $14 million USD) loan (the “Loan”) to support and boost agriculture economy in China. The Loan program is specially designed by PSBC for Kiwa and issued by Shaanxi Agricultural Credit Financing Guarantee Co., Ltd. (“SACFG”) for farmers to purchase Kiwa’s fertilizer products and technical services.
Mr. Wade Li, CEO of Kiwa Bio-Tech commented, “SACFG is a guarantee company of the Shaanxi Provincial Government. SACFG highly recognizes the Company’s business development in Shaanxi and will support the implementation of Company’s Trinity marketing strategy in the province. Providing loans to Kiwa’s customers will greatly reduce the proportion of accounts receivable in sales of fertilizer, optimize operation structure, and improve financial management capabilities.”
Mr. Man Yun, CFO of Kiwa Bio-Tech commented, “It is the first time that we have utilized bank lending facilities in nearly 20 years. This credit facility will enhance our cash flow and enable us to accelerate production and sales. At present, we have several convertible notes in the United States of America which mature in the current fiscal year and we have started negotiations with these convertible notes holders regarding repayment. We are striving to reach agreement with these creditors and repay these convertible notes in cash by the end of April 2020.”
About Kiwa Bio-Tech Products Group Corp.
Leader in Eco-friendly Agricultural Industry Chain
Kiwa Bio-Tech Products Group Corp. (KWBT) is an emerging agricultural company that develops, manufactures and distributes innovative and environmentally safe bio-technological products for agriculture and aquaculture markets with corporate headquarters in the Yangling, Shaanxi, China. 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’s 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, please visit the Company’s website at www.kiwabiotech.com.
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.
For investor and media inquiries, please contact:
Ascent Investor Relations LLC
Ms. Tina Xiao
Email: ir@kiwabiotech.com