Kandi Technologies Completes Jinhua Manufacturing Exit Inspection
April 20 2021 - 8:30AM
Kandi Technologies Group, Inc. (“the Company”, “we” or “Kandi”)
(NASDAQ: KNDI) today announced that it completed all work necessary
to vacate the property associated with its legacy manufacturing
plant in the Jinhua Economic and Technological Development Zone.
Accordingly, the Development Zone has acknowledged the completion
and delivered to Kandi all required documents necessary to close
the transaction.
On schedule and as agreed, by the end of March
2021 Kandi finished relocating production and offices to the new
industrial park and vacated the old factory property. In early
April, the relevant Economic Zone authorities inspected the vacated
land and determined that it met all stipulated conditions. This
inspection and acceptance will now be verified by an additional set
of interested parties. Upon their approval, within ten working days
Kandi will receive the final installment payment of RMB 162 million
(USD $22.7 million).
About Kandi Technologies Group,
Inc.
Kandi Technologies Group, Inc. (KNDI),
headquartered in Jinhua Economic Development Zone, Zhejiang
Province, is engaged in the research, development, manufacturing,
and sales of various vehicular products. Kandi conducts its primary
business operations through its wholly-owned subsidiary, Zhejiang
Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries
including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd,
and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned
subsidiary of Kandi in the United States. Kandi Vehicles has
established itself as one of China's leading manufacturers of pure
electric vehicle parts and off-road vehicles.
More information about KNDI is available on the
Company's corporate website at http://www.kandivehicle.com. The
Company 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
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
Follow us on Twitter: @ Kandi_Group
Contacts:
Kandi Technologies Group,
Inc.Ms. Kewa Luo+1 (212) 551-3610IR@kandigroup.com
The Blueshirt
GroupMr. Gary Dvorchak,
CFAgary@blueshirtgroup.com
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