BEIJING and CLAREMONT, Calif., Jan. 7, 2009 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announces Mr. Lianjun Luo, Chief Financial Officer, resigned his position with the Company after his employment agreement with the Company expired on December 31, 2008. The Board of Directors approved his resignation and expressed appreciation to Mr. Luo for his contribution to the Company since he took office in March 2004. Mr. Luo will still be acting as Director of the Company.
The Board of Directors appointed Mr. Wei Li to act as interim CFO until a new CFO is appointed, after accepting the resignation of Mr. Luo. Mr. Li became the CEO and Chairman of the Board on March 12, 2004. He holds a B.S. in Finance from Hunan Finance and Economics University.
The Board of Directors also appointed Mr. Xin Ma Vice President in charge of the Company's accounting and finance operations. Mr. Ma has served as Associate CFO since January 2006. He holds MSc. Degrees of Management and of Finance both from the University of Leicester, England.
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.