CLAREMONT, Calif., May 10, 2006 (PRIMEZONE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) reported today that it has signed an agreement to acquire 60% of the shares of Beijing Huasheng Medicine Co. for Renminbi (RMB) 12 million (US$1.487 million).
Wei Li, Chairman and CEO of Kiwa stated, "We are very excited by the opportunities of adding Beijing Huasheng Medicine's veterinary medicinal products to our existing product line. Huasheng has Good Manufacturing Process (GMP) certification in the animal medicine industry, and has 3 GMP production lines and 52 unique animal medicines in production and sale in China."
Beijing Huasheng Medicine's revenues in 2005 were RMB 30 million (US$3.7 million).
Products include: Bailedi Disinfector for animals including 11 unique animal disinfectants, Huasheng Ivermectin Injection including 15 unique injectable veterinary medicines and 26 kinds of animal food additives.
About Kiwa Bio-Tech Products Group Corporation
Kiwa is a California company, with offices and operations in China, that develops, manufactures, and distributes innovative, cost-effective, and environmentally safe bio-technological products to agricultural and natural resource conservation markets. The Company has acquired the rights to manufacture and market AF-01 Anti-viral Aerosol Agent for use in preventing (blocking) bird-flu disease in Chinese and international markets. The Company has excellent relations with government authorities in China and has developed several innovative, high margin products, while continuing to grow through internal and external product development.
For more information on Kiwa and its products, please refer to the website at www.kiwabiotech.com or the Company filings with the United States Security 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 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.