BEIJING and CLAREMONT, Calif., Aug. 12, 2009 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced revenues for the second quarter of 2009 ended June 30 were $831,142 compared to revenues of $3,027,497 for the second quarter of 2008. Revenues for the first six months were $1,489,751 compared to $5,211,768 the previous year.
Net loss attributable to Kiwa shareholders for the three-month period ended June 30, 2009 was $623,584 (including non-cash expenses of $352,658), compared to $631,021 (including non-cash expenses of approximately $273,104) for the three months ended June 30, 2008. Please refer to documents filed today with the Securities and Exchange Commission for additional information on the results for the second quarter of 2009.
The Company is actively adjusting the mix of bio-fertilizer and animal feed products with a goal of improving gross margins. This has led to a decrease in revenues of low-profit-margin products. In addition, the Company's efforts to boost sales revenue were partially offset by request to customers of cash payment at the time of purchasing.
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, 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.