BEIJING and CLAREMONT, Calif., Apr 16 /Xinhua-PRNewswire-FirstCall/ -- Kiwa Bio-Tech Products Group Corporation (OTC Bulletin Board: KWBT), ("the Company" and "Kiwa") announced that on Apr 15, 2008 Mr. Ruijun Li, General Manager of Huaxing Animal Medicine Co., Ltd., met with Mr. Wei Li, Kiwa CEO, and Mr. Lianjun Luo, Kiwa CFO, at Kiwa Beijing headquarters. With the completion of due diligence and the appraisal of the assets, both parties signed a memorandum to establish a new Sino-foreign joint-venture company.
Pursuant to the agreement, both parties appointed members of the Preparatory Team to oversee the establishment of the new joint-venture company including: Team Leader - Mr. Wei Li and Mr. Ruijun Li as Vice Leader. Other members include: Mr. Luo; Mr. Jun Guo, Kiwa CEO Assistant; and Mr. Shubin Gao, Vice General Manager of Huaxing.
In addition, the memorandum stipulates that the parties finalize drafting out, negotiation and subscription of contracts and articles for the new Sino- foreign joint-venture company before May 10; finalize registration by the end of May; and start the preparation of AF-01 post-application tasks. Both parties also discussed the new company management building and the initial steps for setting operational objectives and plans after the joint-venture company is up and running.
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 has acquired the rights to manufacture and market AF-01 Anti-viral
Aerosol Agent for use in preventing (blocking) bird-flu disease in Chinese
and international markets. The Company has excellent relations with
government authorities in China and has developed several innovative, high
margin products, while continuing to grow through internal and external
|SOURCE Kiwa Bio-Tech Products Group Corporation|
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