BEIJING and CLAREMONT, Calif., Sept. 29, 2008 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced that it has signed a term sheet for redemption of existing convertible notes. In accordance with this term sheet, the holders of the existing convertible notes agree to waive their participation right with respect to any new financing that closes before October 31, 2008, and suspend conversions of principal and accrued interest under the existing convertible notes until October 31, 2008. The Company shall redeem such notes no later than October 31, 2008 with the proceeds of new financing under negotiation.
Mr. Wei Li, CEO and Chairman, stated, "We are pleased to have arranged for a redemption term sheet, which allows us to close new financing. We are in the process of negotiation with a potential investor and it is expected to be closed before October 31, 2008."
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 (www.sec.gov) or visit the Company's website at 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.