On September 13, 2021, the Board of Directors of Kiwa Bio-Tech officially announced that the first phase of the company’s restructuring has been completed. Mr. Wade Li, Chairman and CEO, said that Kiwa has re-appointed JLKZ CPA LLP as the company’s auditor, and VCL LAW LLP as the company’s legal counsel. The company has recently formed a new financial management team, which is composed of personnel from the United States and China. With the completion of the first phase of restructuring, the company’s financial report audit has officially started.
Mr. Li also said that in the face of the impact of the epidemic and the China-US relations, the company’s management team has reached a cooperation plan with the Chinese partner on the rapid recovery of market sales and has made appropriate adjustments to the market sales plan in China. It is expected to make up for the lost market sales in the fourth quarter of this year.
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:
Gabby Yuan
Email: gabby@kiwabiotech.com
