CLAREMONT, Calif., Jan. 8, 2007 (PRIME NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announces the progress of the facility upgrade in its subsidiary company.
Kiwa Bio-Tech Products (Shandong) Co., Ltd. ("Shandong Company"), a wholly owned subsidiary of Kiwa Bio-Tech Products Group Corporation, reported that it has made substantial progress in its facility upgrading project. Upgrades include building a fertilizer production line, installing a set of ferment equipment for Bacillus and adding necessary workshops.
This facility upgrade has now made substantial progress. On the one hand, the Feasibility Report and the Upgrade Planning Drawings have been approved by the local authorities, and other procedures required by Chinese laws and regulations have already been finished. On the other hand, the company has chosen and ordered the equipment for its fertilizer production line. Equipment has arrived in succession and is expected to be installed in the current workshops by the end of February, 2007 and put into use afterward. In addition, the company is still under negotiation with several manufacturers on the price of ferment equipments for Bacillus, expecting to complete the installment on May, 2007. Moreover, the groundwork of new workshops and the underground pipe network have already been completed.
Mr. Wei Li, Board Chairman and CEO of Kiwa, stated: "After we finish the facility upgrade for the fertilizer production line in our Shandong Company, we will be able to catch up with the first sales peak period in the Chinese fertilizer market on March, 2007. The completion of the installment for Bacillus equipments and application of the patent we acquired from Chinese Agriculture University will help us control the products' quality, largely improve the competitive advantages of our products, as well as enhance our ability to generate more profit."
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 product development.
For more information about the Company, please visit the Company's website at http://www.kiwabiotech.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 press release.