Recently, the Board of Directors of Kiwa and the Board of Directors of our Chinese partner “Global Holding Group” held several innumerable restructuring Cooperation meetings in Beijing, China. Since the Global Holding Group has just completed the internal restructuring itself. and China is once again affected by the epidemic and cannot communicate freely among many cities, the two sides has reached a consensus on Kiwa’s annual report audit and business restructuring:
1. The reorganization of Kiwa China will be postponed until the epidemic situation is alleviated, and it is expected to start in mid-September 2021.
2. Kiwa will complete the audit and release of the annual report and the financial statements for the first two quarters of 2021 by mid-September by using the super 10K method.
Mr. Wade Li, chairman and CEO of Kiwa, said that the Kiwa business restructuring and annual report release originally planned to be completed in the first half of this year had to be postponed again due to the internal reasons of its partner, but Kiwa’s business in China continued to advance. The partner has arranged three sales channels to be prepared for Kiwa’s sales in the autumn season. We are confident to complete the restructuring of the company within this year and eliminate the impact of various adverse factors to restore the Company’s business to normal.
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 U.S. 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’s actual results may differ materially from those anticipated in the forward-looking statements depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, the foreign exchange risk amid the unexpected announcements by the PRC government and various other factors beyond the Company’s control. Kiwa Bio-Tech Products Group Corp. 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.
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