Kandi Technologies Announces Conclusion of SEC Investigation
February 17 2015 - 9:02AM
Kandi Technologies Group, Inc. ("Kandi" or the "Company") announced
today that it received a letter dated February 9, 2015 from the
staff of the Enforcement Division of the U. S. Securities and
Exchange Commission (the "SEC") advising that the Division has
concluded its investigation of Kandi and, based on information
received to date, does not intend to recommend to the Commission
that any enforcement action be brought against Kandi. This formally
concludes the SEC's investigation that commenced in 2013. As
previously disclosed, Kandi received notice of a formal
investigation and a subpoena dated November 21, 2013 in connection
with the SEC's investigation.
Hu Xiaoming, Kandi's Chairman of the Board and Chief Executive
Officer commented: "We are extremely pleased that the SEC has
concluded its investigation, particularly since its existence was
the subject of much misleading and harmful press by those holding
short positions in the Company's securities. We respect the SEC and
its mandate to protect investors, and cooperated in its
investigation. As I have stated before, Kandi's management's
primary interests have always been twofold – shareholder protection
and building a solid foundation for the continued long term growth
of the Company. We will continue to pursue those goals with
transparency and in compliance with all applicable laws and
regulations."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI), headquartered in
Jinhua, Zhejiang Province, is engaged in the research and
development, manufacturing and sales of various vehicle products.
Kandi has established itself as the one of the world's largest
manufacturers of pure electric vehicle ("EV") products, Go-Kart
vehicles, three-wheel motorcycles and utility vehicles (UTVs),
among others. More information can be viewed at its corporate
website at http://www.kandivehicle.com. Kandi routinely posts
important information on its website.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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