On August 11, 2016, Kiwa Bio-Tech Products Group Corporation (OTCQB: KWBT) (the “Company” or “Kiwa”) accepted the resignation of Jimmy Zhou as member of the Company’s board of directors. The Company also agreed for Mr. Zhou to take a leave of absence from his employment as the Company’s CEO, commencing August 11, 2016 through September 20, 2016. During this period, Ms. Yvonne Wang, the Company’s Chief Operating Officer will assume the role of Acting President, Acting Chief Executive Officer and Acting Chief Financial Officer of the Company.
Kiwa’s management team is confident that the resignation of Mr. Zhou will not affect the Company’s operations. Since undergoing business restructuring earlier this year, Kiwa has more tremendous progress in its business developments. In particular, the Company’s microbial product is now listed as a product of China government’s “Soil Pollution Prevention and Control” Action Plan, providing positive outlooks for future government market opportunities.
Furthermore, Mr. Wei Li, the Company’s Honorary Chairman, recently met with Mr. Gongxing Dai, Chairman of China Foundation For Desertification Control (CFDC), to introduce the application and prospect of Kiwa’s bio-fertilizer in the Chinese agricultural market. Mr. Li and Mr. Dai reached consensus to collaborative develop a set of microbial agent to reverse desertification and restore salinization of soil. Mr. Dai also expressed the hopes for Kiwa to provide a microbial treatment solution for the Foundation.
The Company anticipates a continuous growth in sales and greater market expansion in China moving forward.