BEIJING and CLAREMONT, Calif., June 25 /Xinhua-PRNewswire-FirstCall/ -- Kiwa Bio-Tech Products Group Corporation (OTC Bulletin Board: KWBT) announced that on June 23rd, 2008, Kiwa Bio-Tech Products (Shangdong) Co., Ltd. (Kiwa Shandong) received approval documents from the Ministry of Commerce of the People's Republic of China, ratifying Kiwa Shandong to wholesale other companies' fertilizer products, including chemical fertilizers, complex fertilizers and compound fertilizers. Based on applicable tax laws in China, Kiwa Shandong's new business items will be exempt from value-added tax.
On June 10th Kiwa announced discussions with Jiangsu Zhongdong Group Co., Ltd. ("Zhongdong") to working together to develop and market products. Zhongdong has already commenced to cooperate with Kiwa Shandong, and sales volume is expected to be $10,000,000 in next six months.
Mr. Wei Li, CEO and Chairman, stated, "The latest developments in China's fertilizer market suggest dual directions with the integration of the bio-fertilizer market with the chemical fertilizer market. A number of large-scale chemical fertilizer manufacturers have started cooperating with bio-fertilizer manufacturers in order to develop new biological complex fertilizer products and exploit these markets together. Undertaking this cooperation with Zhongdong should contribute to significant growth of Kiwa's revenues."
ABOUT JIANGSU ZHONGDONG GROUP CO., LTD.
Jiangsu Zhongdong Group Co., Ltd. is an industrialized agricultural and chemical group and a leading company of integrating trade, industry and agriculture. In 2000, Zhongdong was approved as a national compound fertilizer manufacturer by China Economy and Trade Committee. Zhongdong is located in Jiaze town (west suburb of Changzhou city) in the Yangtze River Delta, and is close to Shanghai-Nanjing Expressway and Yanjiang Expressway. Zhongdong consists of 4 companies (3 fertilizer production bases and 1 large-scale pig farm): including Jiangsu Changzhou Zhongdong Fertilizer Co., Ltd., Jiangsu Shuyang Zhongdong Fertilizer Co., Ltd., Wuhan Zhongdong Chemical Co., Ltd. and Jiangsu Kangle Farming & Agriculture Co., Ltd, which are in different provinces and regions around China. By the end of 2007, its production capacity of compound fertilizer has reached 2 million tons. In the same year, production and sales of compound fertilizer hit 1.5 million tons, with sales revenue exceeding 1.8 billion RMB. Zhongdong has become a leading supplier in the phosphate compound fertilizer industry in China. http://www.jszd.com/template/en/index.htm
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 ( http://www.sec.gov ) or visit the Company's website at http://www.kiwaiotech.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
For more information, please contact:
Kiwa Bio-Tech Products Group Corporation
|SOURCE Kiwa Bio-Tech Products Group Corporation|
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