CLAREMONT, Calif., Nov. 22, 2016 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCQB:KWBT). On November 21, 2016, Kiwa Bio-Tech Products Group Corporation ("Kiwa" or the “Company”) reported its operating results for its third quarter ended September 2016. For the third quarter, Kiwa reported revenue of $1,261,544 and net income of $93,601. For the nine months ended September 30, 2016, Kiwa reported revenue of $1,971,639 and net income of $331,707.
Kiwa also reported that its wholly-owned subsidiary, Kiwa Bio-Tech (Beijing) Co., LTD, has been granted the required sales permit for fertilizers issued by the Chinese government. As a result, it projects US$8,000,000 in 4th quarter sales of fertilizers in China.
Mr. Xiaoqiang Yu, sales director of the Company, said that ‘‘once Kiwa (Beijing) obtained the required Chinese fertilizer sales license, Kiwa (Beijing) can expect sales of nearly 40,000 tons of fertilizer products in the fourth quarter, which includes sales to both existing and new customers”. Mr. Yu also said that the peak season for sales of fertilizer in China is generally the fourth quarter. “Now that we have the fertilizer sales permit, we are now able to transition our sales from our prior sales agent to Kiwa (Beijing)."
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.