September 28, 2021 Based on the consensus reached with its restructuring partner, Kiwa Bio-Tech Products Group Corporation (KIWA, or the “Company”) has formally submitted an application to re-activate its account at the OTC Markets, and has paid related fees. The application is currently under the OTC Markets’ review. The Company’s legal counsel also urged the OTC Markets to complete the review as soon as possible. The Company’s financial department has prepared financial statements for the year 2020 and the first half of 2021. Once the OTC Markets informs the Company that the account review is completed and the account is re-activated, the Company will submit the financial statements in accordance with the OTC Markets’ requirements.
The restructuring and cooperation between the Company and Global Holding Group will be implemented by Global Holding’s shareholder Mingfengyang Ecological Technology (Shenzhen) Group Co., Ltd. (MFY Eco-Tech (Shenzhen) Limited). MFY Eco-Tech (Shenzhen) Limited will begin the process of share exchange with and investment in KIWA China after the OTC Markets’ account review is completed and trading on the OTC Markets resumed and after the auditor completes its audit and review of the Company’s financial statements for the year 2020 and the first half of 2021 and issues an audit report.
The Company’s CEO Mr. Wade Li states that “Re-activating KIWA’s OTC Markets’ account and submission of its financial statements will enable MFY Eco-Tech (Shenzhen) Limited to start the restructuring process more smoothly , which is beneficial to the Company’s future development.”
Forward-Looking Statements
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.
For investor and media inquiries, please contact:
Email: myli@kiwabiotech.com
