CLAREMONT, Calif., Dec. 26, 2006 (PRIME NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announces that it has entered into an Annual Distribution Contract with Xinjiang Rundi Bio-Tech Co., Ltd. ("Rundi"). The sales objective per year is RMB 50 million.
On December 26, 2006, Kiwa Bio-Tech Products (Shandong) Co., Ltd., wholly-owned subsidiary of Kiwa Bio-Tech Products Group Corporation, signed the Annual Distribution Contract with Rundi with the term of three years. According to the contract, from January 1, 2007 to December 31, 2009, Rundi will become the exclusive distributor in Xinjiang Uygur Autonomous Region for Kiwa's products. The sales objective of a distribution per year shall be RMB 50,000,000. Products that will be sold in Xinjiang include "Yi Mu Ling" water flush fertilizer, "Pu Guang Fu" liquid fertilizer for plant's leaves, "Zhi Guang You" compound microorganism fertilizer and organic fertilizer. Xinjiang Uygur Autonomous Region, with the plantation area of approximately 4 million hectare, is the largest intensive operation area for agriculture in China.
Mr. Wei Li, Board Chairman and CEO of Kiwa, stated: "Signing of this Contract enables us to significantly expand our geographic territory and sharply increase the sales and marketing efforts for our products in 2007. Kiwa will work closely with Rundi to carry out the marketing work and give full conveniences and support to each other. In the meantime, Kiwa will adopt application test and market promotion synchronically in the process of selling our products in Xinjiang. At that time, Rundi will be in charge of contacting and confirming of the places for application test and coordinated institutions, while our company will be responsible for providing sample products and technical support."
For more details on these contracts including delivery commitments and terms of credit and purchase, please refer to the 8K report 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 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 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.