Do you see any other scenario then issuing of new bunch of shares? But how much of shares they would need to cover all that loss and debt?...must be astronomical number considering the PPS now....They need some investor to finance such huge debt....But who of you would say yes? World wide crisis does not help as well..... Any investor who would enter KIWA should become in fact the owner of it imo....so much money they need and most probably they have not enough to offer for such money.....I just wonder how this will come out.....
BEIJING and CLAREMONT, Calif., June 15, 2009 -- Kiwa Bio-Tech Products Group Corporation (OTCBB: KWBTE) announced results for the first quarter ended March 31, 2009.
Net sales were $658,524 and $2,184,271 for the three months ended March 31, 2009 and 2008, respectively. The net loss attributable to Kiwa shareholders for the first quarter was $818,125 in 2009 and $686,195 in 2008.
During three months ended March 31, 2009, limited capital resources has lowered the capability of purchasing raw materials for the bio-fertilizer operations. The Company’s efforts in boosting fertilizer sales revenues were partially offset by requiring customers to pay cash at the time of purchase rather than extending credit. The decrease in revenue in the bio-feed operations was due to adjustments in product mix by dropping low-profit-margin fowl feeds.
Please refer to our 10Q report filed today with the Securities and Exchange Commission for additional information on the results and operations.
Kiwa recently received a Notice of Default from 6% Notes and 2% Notes Purchasers. The Notice of Default stated that the Company is in default of Section 3.3 under the 6% Notes and 2% Notes and declared an event of default under the 6% Notes and 2% Notes. The Company has engaged in discussion with the Investors to resolve the matter.
Kiwa continues to seek capital to strengthen its balance sheet and enable it to take advantage of opportunities supplying the Chinese agricultural industries with animal feeds and pharmaceuticals and with fertilizers and bio-pesticides.
AI
