CLAREMONT, Calif., July 26, 2006 (PRIMEZONE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced that Kiwa and Tianjin Challenge Feed Co. completed the registration of a joint venture in July. The new company, Tianjin Kiwa Feed Limited Liability Company, is located in Wuqing District in Tianjin, and will be operated through a jointly-owned limited liability company organized under the laws of People's Republic of China.
Details of the transaction are outlined in a Form 8K filed with the United States Securities and Exchange Commission on July 14 and available free of charge at http://www.sec.gov.
Mr. Li Wenbin, General Manager of Tianjin Kiwa, stated, "The new company has begun to sell Kiwa Bio-feed developed by both Kiwa and Tianjin Challenge, and the 1st phase production of AF-01 Anti-viral Aerosol Agent for use as a preventative for Avian Flu. Initial sales are expected in North China by relying on the existing Tianjin Challenge sales network."
Mr. Wei Li, Chairman and CEO of Kiwa, said, "Tianjin Challenge has already set up nearly 200 sales terminals in North China."
About Tianjin Challenge Feed Co.:
Tianjin Challenge Feed Co. is partially owned by and has built a large sales network, in part, due to its relations with China Challenge Group (http://www.challenge.com.cn). Its products are sold in Shandong, North China and Northeast China.
About Kiwa Bio-Tech Products Group Corporation
The Company develops, manufactures, and distributes and markets innovative, cost-effective, and environmentally safe bio-technological products for agricultural and natural resources and environmental conservation. The Company's products are designed to enhance the quality of human life by increasing the value, quality and productivity of crops and decreasing the negative environmental impact of chemicals and other wastes.
For more information about the Company, please visit the Company's website at http://www.kiwabiotech.com.
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.