CLAREMONT, CA--(Marketwired - Jan 28, 2016) - Kiwa Bio-Tech Products Group Corporation (
The Company effected the Reverse Split pursuant to an amendment to its Certificate of Incorporation filed with the Delaware Secretary of State on January 14, 2016 which became effective at the opening of the market on the Effective Date. On the Effective Date, each 200 shares of issued and outstanding common stock par value $0.001 combined into one share of common stock par value $0.001. No fractional shares are to be issued and all such fractional shares will be rounded up to a whole share. The Company's common stock will begin trading on a split-adjusted basis on the Effective Date under a new CUSIP number (49834X 205). The Company's ticker symbol "KWBT" remains unchanged; however the ticker symbol will be represented as "KWBTD" for 20 trading days following the effectiveness of the Reverse Split.
In addition to the implementation of the Reverse Split, the Company amended its Certificate of Incorporation effective January 28, 2016 to reduce the Company's authorized capital to 120,000,000 shares, comprising 100,000,000 shares of Common Stock par value $0.001 and 20,000,000 shares of Preferred Stock par value $0.001. As a result of the Reverse Split the number of outstanding common shares was reduced from 400,000,000 to approximately 2,000,000, subject to adjustment for fractional shares.
It is not necessary for shareholders holding shares of the Company's common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the Reverse Split although shareholders may do so if they wish. Shareholders should direct any questions concerning the Reverse Split to their broker or the Company's transfer agent. Fidelity Transfer Company, 8915 S. 700 E. Suite 102, Sandy, UT 84070; Phone: 801-562-1300; Fax: 801-233-0589.
"We view the Reverse Split as an important step in providing Kiwa added flexibility to raise additional capital and enter into transactions using its stock as scrip and to thereby increase shareholder value", said Jimmy Ji Zhou, Chief Executive Officer of Kiwa.
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.
Kiwa Bio-Tech Products Group Corporation