ONTARIO, CA– (May 11, 2017) – Kiwa Bio-Tech Products Group Corporation (OTCQB: KWBT) (“Kiwa” or the “Company”), a Company focused on eco-friendly bio- based fertilizers promoting soil health, is pleased to announce that the company has secured note financing in the amount of approximately US$ 4.5 million (RMB 30,000,000).
Under terms of the financing, the note has a two-year maturity and accrues interest at a rate of 15% per annum. The investor has the right to convert the principal balance and accrued interest into Kiwa common stock at a price of $3.50 per share, which represents an approximately 25% premium over our Kiwa’s current stock price.
“We are extremely pleased with this “above the market financing” for Kiwa. This financing will support Kiwa’s business operations and expansion in China which includes the manufacturing and distribution of its bio-fertilizers and distribution of fresh produce grown by its fertilizer clients,” stated said Kiwa’s CEO, Yvonne Wang.
Additionally, the Agreement signed with Yantai Fruit Company in April 27, 2017, indicates that Kiwa will sell 50,000 tons of fertilizer products. Kiwa Bio-Tech Products Group Corp. had a record year in terms of revenues and net income in 2016. In its fiscal year ended December 31, 2016, Kiwa reported revenue of $9,617,845 and net income of
$1,193,359.
“We expect this year’s operating results will surpass our 2016 results. In 2017 we are expanding our market penetration and sales throughout China and other Asian countries,” added Wang.
