BEIJING and CLAREMONT, Calif., Apr 17 /Xinhua-PRNewswire/ -- Kiwa Bio-Tech Products Group Corporation (OTC Bulletin Board: KWBT), ("the Company" and "Kiwa") announced that on Apr 15, 2008 Mr. Ruijun Li, General Manager of Huaxing Animal Medicine Co., Ltd., met with Mr. Wei Li, Kiwa CEO, and Mr. Lianjun Luo, Kiwa CFO, at Kiwa Beijing headquarters. With the completion of due diligence and the appraisal of the assets, both parties signed a memorandum to establish a new Sino-foreign joint-venture company.
Pursuant to the agreement, both parties appointed members of the Preparatory Team to oversee the establishment of the new joint-venture company including: Team Leader - Mr. Wei Li and Mr. Ruijun Li as Vice Leader. Other members include: Mr. Luo; Mr. Jun Guo, Kiwa CEO Assistant; and Mr. Shubin Gao, Vice General Manager of Huaxing.
In addition, the memorandum stipulates that the parties finalize drafting out, negotiation and subscription of contracts and articles for the new Sino-foreign joint-venture company before May 10; finalize registration by the end of May; and start the preparation of AF-01 post-application tasks. Both parties also discussed the new company management building and the initial steps for setting operational objectives and plans after the joint-venture company is up and running.
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 has acquired the rights to manufacture and market AF-01 Anti-viral Aerosol Agent for use in preventing (blocking) bird-flu disease in Chinese and international markets. The Company has excellent relations with government authorities in China and has developed several innovative, high margin products, while continuing to grow through internal and external product development. 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.