The Board of Directors of the Company held an extraordinary meeting on April 25, 2023, which reviewed two work plans submitted by the CEO. Firstly, the company will conduct a merger and reorganization of a digital culture industry asset with nearly $30 million in net assets through a subsidiary established in China by a Hong Kong Company. Secondly. The Company established two subsidiaries in China on July 28, 2017 and March 2, 2018, namely Kangtan Shenzhen Company and Kangtan Yangling Company. Due to the impact of the epidemic, the aforementioned two Companies were unable to continue normal operations as of December 2022, resulting in a negative asset situation. The Company has negotiated with its Chinese partner and plans to transfer all equity and original business market share of the aforementioned two subsidiaries to the partner for a consideration of one US dollar.
All the attending directors unanimously approved the CEO plan and also tasked the Company’s management team with implementing the above plan.
About Kiwa Bio-Tech Products Group Corp.
Leader in Eco-friendly Agricultural Industry Chain
Kiwa Bio-Tech Products Group Corp. (KWBT) is an emerging agricultural company that develops, manufactures and distributes innovative and environmentally safe bio-technological products for agriculture and aquaculture markets with corporate headquarters in the Yangling, Shaanxi, China. Kiwa’s focus is to positively impact the environment by reducing the amount of chemical fertilizers that are being used by agricultural growers in China. Kiwa’s products are covered by patent protection and are designed to enhance the quality of human life by increasing the value and productivity of agricultural crops. For more information, please visit the Company’s website at 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 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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