CLAREMONT, Calif., Feb. 02, 2016 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTC:KWBT) reported today that on January 28, 2016, it completed the acquisition of Hong Kong Baina Group Co., Ltd. and its wholly-owned subsidiaries in Beijing, China (collectively, “Baina Beijing”). As previously reported, this acquisition will enable the Company to take advantage of certain special trade and tax policies between Hong Kong and China. This acquisition is consistent with the Company’s announced restructuring in order to better serve the China market for its fertilizer and agribusiness products. Kiwa will now rename Baina Beijing to be Kiwa Baiao Co. Ltd. (“Kiwa Baiao”), which will replace Kiwa’s current subsidiary company in China - Kiwa Bio-Tech (Shandong) Co. Going forward, Kiwa Baiao will operate Kiwa’s bio-fertilizer market expansion in China and become Kiwa’s Chinese platform for future acquisitions of new agricultural-related projects.
“The completion of this acquisition is a key benchmark in the marketing of Kiwa’s fertilizer and agribusiness products in China and the commencement of the Company’s sales in China. Kiwa expects to record initial sales from Kiwa Baiao in the first quarter of 2016,” said Jimmy Ji Zhou, Kiwa’s CEO.
About Kiwa Bio-Tech Products Group Corporation
We develop, manufacture, distribute and market innovative, cost-effective and eco-friendly bio-technological products for agriculture. Our main product groups are bio-fertilizer, biologically enhanced livestock feed. Our 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. Our businesses include bio-fertilizer and bio-enhanced feed.
Kiwa’s strategy is to implement increased visibility for marketing Kiwa’s current bio-fertilizer products, together with the development of a “green agriculture” safe food platform in China. Our goal is to build market penetration for our Kiwa brand in China’s trillion dollar “green” agricultural produce market.
For more information on Kiwa and its products, please refer to the Company’s website at www.kiwabiotech.com or the Company filings with the United States Securities and Exchange Commission, available for free at www.sec.gov
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 U.S. 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.