CLAREMONT, CA– (November 22, 2016) – Kiwa Bio-Tech Products Group Corporation (OTCQB: KWBT). On November 21, 2016, Kiwa Bio-Tech Products Group Corporation (“Kiwa” or the “Company”)) reported its operating results for its third quarter ended September 2016. For the third quarter, Kiwa reported revenue of $1,261,544 and net income of $93,601. For the nine months ended September 30, 2016, Kiwa reported revenue of $1,971,639 and net income of $331,707.
Kiwa also reported that its wholly-owned subsidiary, Kiwa Bio-Tech (Beijing) Co., LTD, has been granted the required sales permit for fertilizers issued by the Chinese government. As a result, it projects US$8,000,0000 in 4th quarter sales of fertilizers in China.
Mr. Xiaoqiang Yu, sales director of the Company, said that “once Kiwa (Beijing) obtained the required Chinese fertilizer sales license, Kiwa (Beijing) can expect sales of nearly 40,000 tons of fertilizer products in the fourth quarter, which includes sales to both existing and new customers”. Mr. Yu also said that the peak season for sales of fertilizer in China is generally the fourth quarter. “Now that we have the fertilizer sales permit, we are now able to transition our sales from our prior sales agent to Kiwa (Beijing).