On April 18, KIWA’s board of directors held a video conference on what measures should be taken to deal with the impact of the epidemic on the Company’s work plan during the Covid-19 pandemic.
Chairman and CEO Mr. Li introduced several impacts of the epidemic during the meeting including the impact on shipments in Shandong; the impact on audit work in Shanghai, and the impact on partnership’s cooperation and investment in Zhejiang. He also pointed out that for more than a year, the epidemic situation in various places All of them have had a huge impact on the Company’s operations to varying degrees and making the Company have to slow down the implementation of the development plan.
The directors present unanimously agreed to take the following countermeasures:
1. Company’s US attorney will explain to the SEC, and once again propose to postpone the submission of the audited financial report.
2. Re-appoint the auditing firm, and quickly restart the audit of the Company after the epidemic has eased.
3. The Company’s partner in Zhejiang its own organization is also affected by the epidemic and cannot normally execute the cooperation on time. Company’s management has also sought numerous who intend to cooperate with the company and will reorganize the new cooperation grogram after the epidemic has eased.
4. Use various channels to complete the product delivery as much as possible.
At last, Mr. Li put forward requirements for the follow-up development of KIWA to various functional departments, and hoped that the company’s employees would not lose confidence in the face of the epidemic and complete the company’s plans as much as possible while paying attention to safety. The Company would turn our focus to sustainable and inclusive growth.
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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