BEIJING and CLAREMONT, Calif., May 14 /Xinhua-PRNewswire/ -- Kiwa Bio-Tech Products Group Corporation (OTC Bulletin Board: KWBT) announced finalization of an agreement establishing a joint venture company capable of producing Kiwa’s AF-01 anti-viral product.
On May 9, General Manager of Shijiazhuang Huaxing Animal Medicine Co., Ltd. (“Huaxing”), Mr. Ruijun Li and his associates visited Kiwa’s headquarters in Beijing for the final round of negotiations toward setting up a proposed joint-venture. Both parties had extensively negotiated on the terms of the joint-venture contract and finally confirmed all terms of the contract.
The signing ceremony will be held next week, after the company name is approved by the local Administration of Industry and Commerce.
ABOUT AF-01 ANTI-VIRAL FEED ENHANCEMENT AND AEROSOL
In May 2006, Kiwa acquired AF-01 Anti-viral Aerosol technology for veterinary medicine applications including the exclusive production right and other related rights to produce an anti-viral aerosol drug for use with animals from Jinan Kelongboao Bio-Tech Co., Ltd. ("JKB"), which is affiliated with Chinese Academy of Medical Sciences. The AF-01 aerosol technology is a broad-spectrum anti-viral agent with potent inhibitory and/or viricidal effects on a variety of RNA viruses found in animals and fowls such as bird flu. Kiwa’s hope is to develop a commercialized product in the form of a spray for applying in fowl houses and other animal holding facilities to prevent and cure virus-caused diseases.
ABOUT SHIJIAZHUANG HUAXING ANIMAL MEDICINE CO., LTD.
Huaxing was founded in 1996. Huaxing is supported by animal husbandry and veterinary medicine agencies at both provincial and municipal levels. Huaxing has focused on building strong co-operative relationships with academic institutions such as the Agricultural University of Heibei and Hebei University of Science & Technology. Huaxing has developed: 12-series of animal medicines and disinfectants, over 200 products for flocks and herds, pigs, furry animals and pets. Huaxing holds 82 approval document numbers for veterinary drug products. Huaxing was inspected by the Ministry of Agriculture of the People’s Republic of China (“Ministry of Agriculture”) and was awarded the GMP qualification in January 2005. Huaxing’s distribution channel covers all of China with exception of Taiwan and Tibet. Huaxing has become a modern high-tech veterinary drug enterprise recognized as a strong force in R&D, manufacturing and also distribution.
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 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.
