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Kiwa Bio-Tech Products Group Corporation
Kiwa Bio-Tech Signs Term Sheet to Eliminate Dilutive Financing
BEIJING and CLAREMONT, Calif., Sept. 29, 2008 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced that it has signed a term sheet for redemption of existing convertible notes. In accordance with this term sheet, the holders of the existing convertible notes agree to waive their participation right with respect to any new financing that closes before October 31, 2008, and suspend conversions of principal and accrued interest under the existing convertible notes until October 31, 2008. The Company shall redeem such notes no later than October 31, 2008 with the proceeds of new financing under negotiation.