CLAREMONT, Calif., May 17, 2007 (PRIME NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) has filed the Quarterly Report on FORM 10-QSB for the three months ended March 31st, 2007 on May 14th, 2007 with the SEC. The Quarterly Report indicates that net sales for the three months ended March 31st, 2007 were $1,384,093 compared to $11,023 for the comparable period of 2006, representing a 124.6-fold increase (the description -- "Revenues Up 124 Percent for Quarter Ended March 31, 2007" -- in previous news released on May 14th was incorrect). The rapid increase of net sales is mainly due to the expansion of our business scope into new segments, since the setting up of Joint Venture Company, Tianjin KIWA Feed Co., Ltd. (KIWA Tianjin) with Tianjin Challenge Feed Co., Ltd. in July 2006, to engage in the bio-enhanced feed business. The bio-enhanced feed product line has contributed significant revenue to the Company. For detailed information, please refer to Kiwa Bio-Tech Products Group Corporation's Quarterly Report.
It is necessary to remind our investors that the Form 10-QSB dated May 11th, 2007 and shown under KIWA's name on EDGAR is the quarterly report filed incorrectly by another company, which has no relationship with KIWA. Please refer to the Form 10-QSB released by our company on May 14th, 2007. A copy of the 10-QSB can be found on our company website. The Company has contacted the SEC to remove the incorrect filing document.
Meanwhile, we noticed that the safety of some animal food products exported from China to the U.S.A. has raised substantial public attention. Our company's bio-enhanced feed products are compliant to the requirements of quality standards set by "Administration rules of feed and feed additives management" promulgated by the Department of Agriculture, P.R.C.
With regard to the acquisition of GMP qualified veterinary drug factory, the endgame of negotiations of contract terms stepped into stalemate. We have been trying to close the deal as soon as we can in accordance with the rules of maximizing Company's interests.
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 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.