New Partners to Restructure KIWA

Rhea-AI Summary

Kiwa Bio-Tech Products Group Corporation (KWBT) announced on October 3, 2022, that its Preferred Stockholders signed a Cooperation Agreement with Xiaoman International Holdings. This partnership aims to facilitate annual report auditing, asset restructuring, and identify potential acquisition targets in sectors like digital assets and the Metaverse. Xiaoman will also nominate directors and propose acquisitions to the board. CEO Wade Li emphasized that this collaboration is expected to significantly support the company's development and enhance its growth potential.

Positive

• Partnership with Xiaoman International Holdings for annual report auditing and asset restructuring.
• Potential to acquire targets in digital assets, film, and the Metaverse, which can diversify revenue streams.
• Support from Preferred Stockholders for Xiaoman's director nominees and acquisition proposals.

Negative

• Dependence on Xiaoman's capabilities for critical tasks, which poses execution risks.
• The forward-looking statements indicate uncertain outcomes based on several risk factors.

Ontario, Calif., Oct. 03, 2022 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corporation (OTCBB: KWBT). On October 3, 2022, the company issued an 8K announcement, disclosing that on September 25, 2022, the Preferred Stockholders of the company signed a cooperation agreement ("Cooperation Agreement") with a BVI-registered Xiaoman International Holdings Co., Ltd. Xiaoman will assist the company in completing important tasks such as annual report auditing and asset restructuring.

Pursuant to the Cooperation Agreement, Xiaoman will assist the Company in seeking potential acquisition targets in digital assets, digital collections, film and television culture, Metaverse and other fields and eventually listing the Company on a national exchange. The Preferred Stockholders agreed to vote for the director nominees by Xiaoman and acquisition transactions Xiaoman may propose in board meetings and shareholder meetings.

The Company’s CEO Mr. Wade Li states that “this reorganization with the partner is able to inject substantial support for development of the company, enhance the endogenous power and will bring the company to a new height of 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:
myli@kiwabiotech.com

FAQ

What is the Cooperation Agreement related to KWBT?

The Cooperation Agreement involves Xiaoman International assisting KWBT with auditing, asset restructuring, and identifying acquisition targets.

How will the partnership with Xiaoman impact KWBT?

The partnership is expected to enhance KWBT's development and support its listing on a national exchange.

What sectors will KWBT explore for acquisitions?

KWBT plans to explore acquisitions in digital assets, digital collections, film and television culture, and the Metaverse.

What risks are associated with the forward-looking statements in KWBT's press release?

Risks include economic conditions, market acceptance, new competition, and execution challenges regarding the growth plan.