BEIJING and CLAREMONT, Calif., Nov. 15, 2010 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB:KWBT) announced results for the third quarter ended September 30, 2010.
Net sales from ongoing operations were $5,168 and $4,241, and the net loss attributable to Kiwa shareholders was $712,594 and $516,933 for the three months ended September 30, 2010 and 2009, respectively. For nine months, net sales from ongoing operations were $88,056 and $34,272 respectively.
Kiwa continues to seek capital to strengthen its balance sheet. During the nine months ended September 30, 2010, related parties including the Chairman and other corporate officers advanced the Company over $877,574.
Please refer to the 10Q report filed with the Securities and Exchange Commission for additional information on the results and operations, .
"The Chinese government has vowed to reduce agricultural pollution. It has made it one of the top priorities in its proposal for the country's next Five [Year] Plan, in an effort to balance environmental protection and the booming economy." crienglish.com Nov. 3, 2010
Kiwa 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, .
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.
CONTACT: Equity Communications Investor Relations Robert Schechter 212-499-6809 ir4kiwa@hotmail.com