BEIJING and CLAREMONT, Calif., Oct. 28, 2008 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) and Jiangsu Technology Union Eco-Fertilizer Co., Ltd ("Jiangsu Technology Union") held a joint new bio-fertilizer products press conference. New products developed jointly by both parties have successfully passed trail tests and will be launched to the market in the 4th quarter of 2008. New products being introduced at this time were developed with Kiwa's latest technology and produced by Jiangsu Technology Union. The new bio-fertilizer products contain the highest amount of live bacteria among all organic fertilizers in today's market; furthermore, they are the only products that meet standards of Microbial Organic Fertilizer promulgated by the Ministry of Agriculture of the People's Republic of China.
Jiangsu Technology Union Eco-Fertilizer Co., Ltd. (www.jstu.com.cn) is a joint venture established by CK Life Sciences Int'l., (Holdings) Inc. (www.ck-lifesciences.com) and Red Sun Group (www.china-redsun.com/english/index.asp). It specializes in R&D, production and distribution of ecological fertilizer and compound fertilizer products. Supported by Red Sun Group's huge distribution network of pesticide and fertilizer products, Jiangsu Technology Union enjoys significant advantage in market exploration and development.
The General Manager of Jiangsu Technology Union, Mr. Yang, stated, "The reason we choose Kiwa as our partner is because Kiwa has a broad and profound foundation in R&D of bio-fertilizer. Kiwa-CAU R&D Centre has played a significant role in satisfying Jiang Technology Union's demand of biological bacterium. New products being introduced at this time belong to the bio-organic fertilizer family, and will be launched through Jiangsu Technology Union's existing distribution network.
Mr. Wei Li, Chairman of the Board and CEO, stated, "During the third quarter fertilizer sales improved but did not meet internal goals due to Olympic Traffic Contingencies and the restrictions in road transportation. However, the entrance of Kiwa's new products and other products into Jiangsu Technology Union's distribution network could remarkably strengthen Kiwa's ability of marketing and is expected to benefit the Company during the last quarter of 2008 as well as 2009."
Mr. Li also pointed out, "The increasingly fierce financial crisis worldwide had caused difficulties for Kiwa in raising new capital. As a consequence, potential investors could not be able to invest in Kiwa by the end of October 31 as previously planned. However, the Chinese government has been further reinforcing its effort in fostering agricultural development, which is in fact very beneficial to Kiwa. Talks with authorities in charge of agriculture administration have commenced. Management is actively looking for new financing from a number of sources, including banks and other financial institutions in China. We are confident to close new financing in the near future."
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 review documents filed with the SEC (www.sec.gov) or visit the Company's website at 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.