LOS ANGELES, July 27, 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 Gladewater, Texas based Vital Earth Resources ("Vital Earth").
The LOI is intended as a marketing agreement whereby KIWA will market Vitazyme, one of Vital Earth's most important agricultural products in China, utilizing KIWA's sales and distribution channels. Vital Earth is a horticultural and agricultural products manufacturing company specializing in grower and landscape soils, specialty fertilizers, and agricultural bio-stimulants for worldwide distribution.
Scott Hammer, President and CEO of Vital Resources commented, "All of us at Vital Earth are excited about the prospect of marketing our agricultural bio-stimulant, Vitazyme, in the Peoples Republic of China. We are looking forward to partnering with KIWA, a leading bio-tech company with manufacturing, marketing, and distribution in place in China, to introduce and effectively distribute Vitazyme in this very important agricultural market."
Wei Li, Chairman and CEO of KIWA stated, "KIWA is pleased to enter into this alliance with Vital Earth, a company with a long history, fairly large production capacity and sound research capability. Vitazyme is a biostimulant that contains certain biological activators that can be applied to crops to increase yield, improve quality, reduce chemical fertilizer input and enhance soil structure through stimulating plant-microbial symbiosis and the growth of a beneficial microbial population." He added, "The alliance with Vital Earth is another step forward in the execution of our business plan. Soon we will start the registration process in China for Vitazyme and other products we recently selected from our partners in the United States. We will also expect to see revenue contributions from these products by early next year."
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