CLAREMONT, Calif., Jan. 3, 2007 (PRIME NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announces that the revenue of feed products in the fourth quarter (ended December 31, 2006) was about RMB 12.6 million (approximately US$1.6 million).
Revenue of Tianjin Kiwa Feed Co., Ltd. ("Tianjin Kiwa"), a joint-venture of Kiwa and Tianjin Challenge Feed Co., Ltd., reached RMB 12.6 million (approximately US$1.6 million) in the fourth quarter (ended December 31, 2006). The total revenue generated by Tianjin Kiwa since its establishment in August is approximately US$2.5 million.
Mr. Wenbin Li, General Manager of Tianjin Kiwa, said: "Tianjin Kiwa has started to explore its market in Northeast China since December. The new sales team in charge of this market has made great contributions to the revenue, which enables the company to be less affected by the off-season and to realize the anticipated sales objectives of the fourth quarter on time. In 2007, we will continue to adjust the structure of our products; we expect that we can increase the profit while increasing the revenue. Moreover, we will make the most use of our current sales network and channels to promote AF-01 Feed Additive products in 2007."
About Kiwa Bio-Tech Products Group Corporation
The Company develops, manufactures, 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.