BEIJING and CLAREMONT, Calif., May 18, 2009 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBTE) announced results for the year ended December 31, 2008.
2008 Results
Net sales from continuing operations were $9,175,737 and $9,129,779 for the twelve months ended December 31, 2008 and 2007, respectively.
* During 2008, revenue generated from Kiwa's bio-fertilizer business decreased 6%; however, tonnage of fertilizer sold increased 169%. * Net revenues of bio-enhanced feeds were slightly increased from the previous year to $8,948,868. This represents a 27% decrease in tons shipped to 20,684 from 28,235 in 2007, and an improvement in the average price to $433 per ton from $315 per ton.
Cost of sales was $8,958,219 and $8,603,795 for the years ended December 31, 2008 and 2007, respectively. The increase of $354,424 or 4.1% in cost of sales was primarily due to increase of raw materials used to manufacture Kiwa's bio-enhanced products.
The net loss for the full year 2008 was $3,632,188.
Please refer to our annual report on Form 10-K filed today with the Securities and Exchange Commission for additional information on the results for the fourth quarter and full year 2008.
Mr. Wei Li, Chairman and CEO of Kiwa, stated, "The increase in raw material costs and decrease in fertilizer prices have strained Kiwa's operations. In addition, the high cost of capital has place further constraints on the Company. The Company is focused on cutting costs in all aspects of the business and finding new sources of capital. We are pleased with the sales opportunities for Kiwa's products at the start of the spring planting season."
As of May 15, 2009 the number of shares outstanding were 400,000,000 and the number of authorized shares is 400,000,000.
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 (http://www.sec.gov) or 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.