CLAREMONT, Calif., Sept. 18, 2006 (PRIMEZONE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced that the Board of Directors has appointed Juhua Wang as Chief Operating Officer after accepting the resignation of Johnson Lau.
Juhua Wang previously worked as the Vice General Manager of Shenyin Wanguo Securities Co. Ltd, Beijing Administrative Department and as the Manager of Beijing Jingsong Branch. Prior to that, she worked as the Vice Manager of Shanghai Wanguo Securities Northeast Administrative Department and the Manager of its Ha'erbin Sales Department. She was also Chief Economic Engineer of Ha'erbin Investment Group, Mechanic and Electrical Investment Co.
Mr. Wei Li, Chairman and CEO of Kiwa, stated, "We are very pleased to have someone with Ms. Wang's years of experience in administration, especially her unique understanding of the operation and development of a rapidly growing company." Ms. Wang graduated from the Administrative Department of Ha'erbin Industry University with a Masters degree.
The Board also announced the appointment of Xiaonan Wu as Vice President after accepting the resignation of Jinghong Zhang.
Mr. Xiaonan Wu has 17 years' experience in medical product distribution and market operations. He has substantial experience and resources in market development including work for Beijing Medicine Economical Technology Management Company as the General Manager Assistant and Assistant Manager in charge of drugs, and later the Deputy General Manager of the Company.
Mr. Wu has also served as the Deputy General Manager of Beijing Medicine Limited Liability Company. At the same time he was the General Manager of its Subordinate Medicine Guarantee Brand-new Pharmacy Chain Company as well as the General Manager of its subordinate joint-venture pharmaceutical factory, Beijing Unit Medicine Company. Mr. Wu graduated from the College of Pharmacy, Beijing Medical University with a Bachelor of Science degree.
On September 12, 2006, Kiwa held its Annual Meeting of Shareholders in its Beijing Office. Mr. Wei Li, Chairman of the Board and CEO, acted as the Chairman of the meeting at which votes were held on issues previously present to stockholders of record on August 4, 2006. All resolutions proposed on the proxy to stockholders were approved.
The Company Secretary announced that Mr. Wei Li, Mr. Lianjun Luo, Mr. Dachang Ju and Mr. Yunlong Zhang received 93.6%, 93.6%, 95.2% and 95.2% of votes of those shares represented at the Annual Meeting respectively and which were voted for the election of directors, and therefore, each of them was elected as a director to serve for the term expiring on the date of the Company's 2007 annual meeting and until his or her respective successor is duly elected and qualified. The Company Secretary then announced that 60.3% of votes of the shares represented at the Annual Meeting and which were voted for the approval of amendment to 2004 Stock Incentive Plan, thus the second proposal was approved. The Company Secretary also announced that 95.5% of the shares represented at the Annual Meeting and entitled to vote at the Annual Meeting voted in favor of the appointment of Mao & Company, CPAs, Inc. to act as the Company's independent auditors for the fiscal year ending December 31, 2006 and, as a result, this proposal was approved. As for the last proposal, the Company Secretary announced that 88.9% of the outstanding shares to approve amendment to Certificate of Incorporation increasing authorized common stock to 200,000,000 shares; therefore the fourth proposal was approved.
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.