CLAREMONT, Calif., July 2, 2007 (PRIME NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) today updated an SB-2 registration statement with the Securities and Exchange Commission (SEC) in order to comply with requirements that this document be amended and updated from time to time.
This is relating to the previously completed private placement and security purchases agreement dated June 29, 2006.
Mr. Wei Li, Chairman and CEO of Kiwa, stated, "Growth initiatives begun during the past year are coming to fruition and the updating of this registration statement will help to assure sufficient financing to complete transactions that will allow Kiwa to grow quickly."
This offering relates to the sale of up to 27,685,365 shares of our common stock from time to time by certain of our stockholders, or persons who may become our stockholders upon the conversion of our convertible notes or exercise of our warrants. Approximately 18,310,912 of the offered shares relate to shares of common stock issuable upon conversion of our 6% Convertible Secured Notes (the "6% Notes") issued pursuant to a Securities Purchase Agreement dated as of June 29, 2006. The terms of the 6% Notes, as well as the terms of other convertible notes and warrants held by selling stockholders, are described in document filed today.
As previously publicized, it is necessary to remind our investors that another company incorrectly filed a Form 10-QSB dated May 11th, 2007 that showed under Kiwa's name on EDGAR. This company and report have no relationship with Kiwa. Please refer to the Form 10-QSB released by our company on May 14th, 2007. A copy of the 10-QSB can be found on our company website. The Company contacted the SEC which removed the incorrect document and the Company has taken steps to assure that this does not reoccur.
We aim to build a platform to commercialize bio-technological research and development results for applications in agriculture. In this respect, we are working on developing cooperative research relationships with several universities and institutions in China. We are also planning to acquire innovative technologies to reduce research and development costs and shorten commercialization cycles for bio-technological products. We are currently developing technologies related to applications of bio-fertilizer, livestock feed enhanced with bio-tech products, and veterinary disinfectors and drugs. These technologies have applications in the agriculture, natural resources and environmental conservation sectors. We may also acquire similar technologies from third parties in both China and the United States.
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'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.