BEIJING and CLAREMONT, Calif., June 25 /Xinhua-PRNewswire-FirstCall/ -- Kiwa Bio-Tech Products Group Corporation (OTC Bulletin Board: KWBT) announced that on June 23rd, 2008, Kiwa Bio-Tech Products (Shangdong) Co., Ltd. (Kiwa Shandong) received approval documents from the Ministry of Commerce of the People's Republic of China, ratifying Kiwa Shandong to wholesale other companies' fertilizer products, including chemical fertilizers, complex fertilizers and compound fertilizers. Based on applicable tax laws in China, Kiwa Shandong's new business items will be exempt from value-added tax.
On June 10th Kiwa announced discussions with Jiangsu Zhongdong Group Co., Ltd. ("Zhongdong") to working together to develop and market products. Zhongdong has already commenced to cooperate with Kiwa Shandong, and sales volume is expected to be $10,000,000 in next six months.
Mr. Wei Li, CEO and Chairman, stated, "The latest developments in China's fertilizer market suggest dual directions with the integration of the bio-fertilizer market with the chemical fertilizer market. A number of large-scale chemical fertilizer manufacturers have started cooperating with bio-fertilizer manufacturers in order to develop new biological complex fertilizer products and exploit these markets together. Undertaking this cooperation with Zhongdong should contribute to significant growth of Kiwa's revenues."
ABOUT JIANGSU ZHONGDONG GROUP CO., LTD.
Jiangsu Zhongdong Group Co., Ltd. is an industrialized agricultural and
chemical group and a leading company of integrating trade, industry and
agriculture. In 2000, Zhongdong was approved as a national compound
fertilizer manufacturer by China Economy and Trade Committee. Zhongdong is
located in Jiaze town (west suburb of Changzhou city) in the Yangtze River
Delta, and is close to Shanghai-Nanjing Expressway and Yanjiang Expressway.
Zhongdong consists of 4 companies (3 fertilizer production bases and 1
large-scale pig farm):
|SOURCE Kiwa Bio-Tech Products Group Corporation|
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