CLAREMONT, Calif., Aug. 14, 2006 (PRIMEZONE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced that Mr. Li Wenbin will be the General Manager of Tianjin Kiwa.
Kiwa Bio-Tech Products Group Corporation and Tianjin Kiwa Challenge Feed Co. completed the registration of a joint venture in July. The new company, Tianjin Kiwa Challenge Feed, is located in Wuqing District in Tianjin, and is a limited liability company organized under the laws of People's Republic of China.
The first Board Meeting of Tianjin Kiwa Feed Co. was held on August 9, 2006 in Beijing. At the meeting, the Board of Directors named Mr. Li Wenbin as the General Manager of Tianjin and passed the 2006 Annual Operation Plan. According to this plan, Tianjin Kiwa will realize sales revenue of US$3,500,000 by the end of 2006. Tianjin Kiwa has received orders of US$1,500,000 for the third quarter, and US$2,000,000 for the fourth quarter of 2006.
For more details please refer to reports filed by Kiwa with the United States Securities and Exchange Commission available free of charge at http://www.sec.gov.
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.