CLAREMONT, CA–( February 2, 2016) – Kiwa Bio-Tech Products Group Corporation (OTC: KWBT) reported today that on January 28, 2016, it completed the acquisition of Hong Kong Baina Group Co., Ltd. and its wholly-owned subsidiaries in Beijing, China (collectively, “Baina Beijing”). As previously reported, this acquisition will enable the Company to take advantage of certain special trade and tax policies between Hong Kong and China. This acquisition is consistent with the Company’s announced restructuring in order to better serve the China market for its fertilizer and agribusiness products. Kiwa will now rename Baina Beijing to be Kiwa Baiao Co. Ltd. (“Kiwa Baiao”), which will replace Kiwa’s current subsidiary company in China – Kiwa Bio-Tech (Shandong) Co. Kiwa Baiao will operate Kiwa’s bio-fertilizer market expansion in China and become Kiwa’s Chinese platform for future acquisitions of new agricultural-related projects.
“The completion of this acquisition is a key benchmark in the marketing of Kiwa’s fertilizer and agribusiness products in China and the commencement of the Company’s sales in China. Kiwa expects to record initial sales from Kiwa Baiao in the first quarter of 2016”, said Jimmy Ji Zhou, Kiwa’s CEO.
