Kiwa Bio-Tech Products Group Corporation (OTCQB: KWBT) announced that Oriental Baiao Co., Ltd, which was acquired by Kiwa later year, has officially changed its name to Kiwa Baiao Co., Ltd. (“Kiwa Baiao”) and that this change has been approved by both China’s Minister of Commerce and the Industrial and Commercial Bureau. Kiwa Baiao will now serve as Kiwa’s wholly owned operating subsidiary in China.
Going forward, Kiwa Baiao will become Kiwa’s platform for the future acquisition of new agricultural-related projects in China. Together with Kangtan Gerui (Beijing) Bio-Tech Co., Ltd., Kiwa Baiao will promote the further expansion of Kiwa’s bio-fertilizer market in the agricultural industry in China.
We are highly focused on developing and filling out our team to expand our bio-fertilizer market share in China and elsewhere”, Yvonne Wang, Kiwa’s COO, stated. “In out first calendar quarter of 2016 first quarter, Kiwa had revenues of US $ 267,010 and net income was $56,130 compared with no revenue and an operating loss for the comparable period in 2015. We are continuing to enhance our sales and marketing infrastructure in China.”