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Kiwa Bio-Tech Year-End Revenues Increase 264% - Exceed $9.1 Million

BEIJING and CLAREMONT, Calif., March 26 /Xinhua-PRNewswire-FirstCall/ -- Kiwa Bio-Tech Products Group Corporation (OTC Bulletin Board: KWBT) announced that revenues for the year ended December 31, 2007 were $9,129,779 an increase of 264.2% over $2,506,715 for 2006.

Net sales from continuing operations were $9,129,779 and $2,506,715 for the twelve months ended December 31, 2007 and 2006, respectively, representing an increase of $6,623,064 or 264.2%. The significant increase is mainly due to the notable expansion in Kiwa's principal operations, including its bio- fertilizer business and bio-enhanced feed business.
-- During 2007, revenue generated from Kiwa's bio-fertilizer business

increased from $46,926 to $241,357, representing a 414.3% increase. The

rapid increase reflects the impact of the marketing efforts that began

two years ago.

-- Net sales of bio-enhanced feeds increased 261.3%, from $2,459,789 in

2006 to $8,888,422 in 2007.

The net loss from continuing operations for 2007 was $2,893,359 (including non-cash expenses $1,408,239) compared to and $2,522,146 (including non-cash expenses $759,681) for fiscal year 2006. This increase resulted from: an increase in gross profit of $345,688 or 191.7%; an increase in operating expenses of $186,023 or 7.5%; an increase in interest expenses of $534,852 or 231.0%; and changes in minority interest in a subsidiary.

Review of Fourth Quarter

Revenues for the fourth quarter of 2007 were $2,915,067 an increase of 84.9% compared to $2,368,808 in the fourth quarter of 2006.

The net loss decreased to $763,199 for the three-month period ended December 31, 2007 compared to $959,960 for the three months ended December 31, 2006.

Please refer to documents filed today with the Securities and Exchange Commission for additional information on the results for the fourth quarter and full year 2007.

Mr. Wei Li, Chairman and CEO of Kiwa, stated, ''We are pleased with the growth in 2007 of the bio-feed business and look forward to continued growth and improved margins in 2008 in this segment. We are also confident that the bio-fertilizer business will prosper due to the accomplishments of our team in 2007 and early 2008. Kiwa has previously announced:
-- The newly finished first stage upgrade in Kiwa Shandong has

significantly strengthened our capability in manufacturing bio-

fertilizer products; and our marketing campaigns during past years

raised awareness of Kiwa among customers.

-- At the end of the fourth quarter over 900 fertilizer selling terminals

had been established to sell Kiwa fertilizer products. These networks

of sales terminals provide excellent direct distribution of Kiwa's

Green Food Association approved products within 4 areas in the south of


-- For the future, Kiwa is actively negotiating to expand the sales

network to Neimeng, Jilin, Heilongjiang and Suzhou. Mr. Wei Li also noted progress in the due diligence related to the Letter of Intent with Shijiazhuang Huaxing Animal Medicine Co., Ltd. ("Huaxing") signed in December 2007. Along with the acquisition of the factory that veterinary produces pharmaceuticals capable of manufacturing AF-01 antiviral for avian flu, Kiwa's objective is to offer three main divisions of agricultural products.

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 ( or visit the Company's website at .

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 press release.



Item Fiscal Years Ended December 31,

2007 2006

Net sales $ 9,129,779 $ 2,506,715

Cost of sales 8,603,795 2,326,419

Gross profit 525,984 180,296

Operating expenses

Consulting and professional fees 794,324 822,529

Officers' compensation 285,941 89,528

General and administrative 901,545 544,696

Selling expenses 363,131 521,608

Research and development 177,773 119,719

Depreciation and amortization 129,298 172,011

Allowance and provision 588 220,148

Total operating expenses 2,652,600 2,490,239

Operating loss (2,126,616) (2,309,943)

Interest expenses (766,411) (231,559)

Loss before minority interest in a

subsidiary's deficit (2,893,027) (2,541,502)

Minority interest in a subsidiary's

deficit (332) 19,356

Net loss from continuing operation (2,893,359) (2,522,146)

Loss from discontinued operations

Net income (loss) - Urea

Entrepot Trade (414,509) 238,047

Net loss (3,307,868) (2,284,099)

Other comprehensive loss:

Translation adjustment (61,111) (95,776)

Comprehensive loss $ (3,368,979) $ (2,379,875)

Net profit (loss) from continuing

operations per common share

- - basic and diluted $ (0.038) $ (0.040)

Net profit (loss) on discontinued

operations per common share

- - basic and diluted $ (0.005) $

Weighted average number of common

shares outstanding-basic and

diluted 75,543,446 63,646,482


December 31, December 31,

2007 2006


Current assets

Cash and cash equivalents $ 61,073 $ 498,103

Accounts receivable, net of bad

debt allowance of $277,140

and $258,667, respectively 470,298 929,446

Inventories 818,329 541,340

Prepaid expenses 70,460 302,007

Other current assets 67,372 57,011

Total current assets 1,487,532 2,327,907

Property, Plant and Equipment

Buildings 1,125,128 1,046,116

Machinery and equipment 697,205 585,282

Automobiles 76,154 47,772

Office equipment 93,231 78,096

Computer software 9,877 9,240

Property plant and equipment - total 2,001,595 1,766,506

Less: accumulated depreciation (433,690) (286,039)

Property plant and equipment - net 1,567,905 1,480,467

Construction in progress 67,262 34,548

Intangible asset - net 296,245 337,027

Deferred financing costs 129,793 211,793

Deposit to purchase the proprietary

technology 126,443 126,443

Total assets $ 3,675,180 $ 4,518,185



Current liabilities

Accounts payable and accrued

expenses $ 1,862,043 $ 958,368

Construction costs payable 316,902 366,879

Due to related parties-trade 164,280 25,612

Due to related parties-non-trade 508,344 496,806

Current portion of bank notes

payables 2,889 5,405

Total current liabilities 2,854,458 1,853,070

Long-term liabilities, less current


Unsecured loans payable 1,574,350 1,472,717

Bank notes payable 17,988 1,351

Long-term convertible notes

payable 2,058,625 2,365,962

Less: discount relating to

warrants (856,308) (1,371,446)

Long-term convertible notes

payable - net 1,202,317 994,516

Total long-term liabilities 2,794,655 2,468,584

Minority interest in a subsidiary 110,838 103,362

Shareholders' equity (deficiency)

Common stock - $0.001 par value

Authorized 200,000,000 shares.

Issued and outstanding

81,519,676 and 70,149,556 shares

at December 31, 2007 and 2006,

respectively 81,520 70,150

Preferred stock - $0.001 par


Authorized 20,000,000 shares,

none issued -- --

Additional paid-in capital 9,217,876 8,311,975

Stock-based compensation reserve (307,053) (523,468)

Deficit accumulated (11,074,522) (7,766,654)

Accumulated other comprehensive

income (2,592) 1,166

Total shareholders' equity

(deficiency) (2,084,771) 93,169

Total liabilities and stockholders'

equity $ 3,675,180 $ 4,518,185

For more information, please contact:

Kiwa Bio-Tech Products Group Corporation

Yvonne Wang

Tel: +1-626-715-5855


Robert Schechter

Equity Communications

Tel: +1-212-499-6809


SOURCE Kiwa Bio-Tech Products Group Corporation
Copyright©2008 PR Newswire.
All rights reserved

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