LOS ANGELES, June 25, 2004 (PRIMEZONE) -- Kiwa Bio-Tech Products Group Corporation ("the Company" or "KIWA") (OTCBB:KWBT) announced today that a China-based distributor of its products has placed its third order this quarter, which represents a significant increase over the previous order by this repeat customer.
Wei Li, Chairman and CEO of KIWA stated, "We are extremely pleased with the confidence this distributor has placed in our products. This increased order, which represents this distributor's fifth, validates the acceptance of our products in the marketplace." Li added, "Since we introduced our first product in late November of 2003, we were able to adjust product formula, improve product stability and optimize our product offerings in Q1 of 2004, which resulted in securing the much larger follow-up orders. We continue to expand our sales and marketing efforts in China and expect to add significantly to our existing distribution base over the short term."
The China based distributor, Nanjing Zhongzheng Agriculture-Technology Product Promotion Co. ("Zhongzheng"), a leading agricultural products supplier in Jiangsu Province, placed its first order in November of 2003, which shipped in December 2003. Based on initial sales of the product and positive feedback from its customers, the distributor ordered again in Q1 of 2004. Entering Q2, the distributor placed three orders which total 7 times the size of the order placed by this customer in Q1. Mr. Chunnin Chen, Chairman of Zhongzheng, commented, "Jiangsu Province contains approximately 90 million Chinese mu plant acreage (1 mu = 0.165 acre). We've seen strong demand for KIWA's products and recognize a large growth opportunity. We are pleased to partner with companies like KIWA that show strong growth potential."
KIWA currently offers three products; one in powder form and two in liquid form. The core powder form bio-fertilizer has fifteen different formulas for different type of crops. The powder formulas are applied as foliar bio-fertilizer. One liquid form of the product is used as foliar and as soil-applied bio-fertilizer, while the other liquid product is used in aquaculture as a water treatment and pathogen suppression agent. The order from Zhongzheng is in powder form.
For more information on KIWA and its products, please refer to the website at: www.kiwabiotechgroup.com.
About KIWA Bio-Tech Products Group Corporation
KIWA develops, manufactures and distributes innovative, cost-effective, and environmentally-safe bio-technological products to agricultural and environmental protection markets. The Company's goal is to have people in China and elsewhere in the world eat healthier, drink cleaner and live longer. The Company is a pioneer in commercialization of biotechnology, having an offshore manufacturing base in Shandong Province, China and distributing bio-tech products worldwide.
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 within 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.
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