Kandi Technologies Reports the Completion of Ownership Transfer of Kandi Shanghai to Kandi/Geely Joint Venture Company
January 23 2014 - 10:53AM
Kandi Technologies Group, Inc. (the "Company" or "Kandi")
(Nasdaq:KNDI), announced today that its subsidiary Zhejiang Kandi
Electric Vehicles Co., Ltd. (the "JV Company") has completed the
ownership transfer process of Kandi Electric Vehicles (Shanghai)
Co., Ltd. ("Kandi Shanghai") from Shanghai Maple Guorun Automobile
Co., Ltd. ("Shanghai Maple") to the JV Company per requirement of
local State Administration of Industry and Commerce. The Ownership
Transfer Agreement (the "Transfer Agreement") was previously signed
on December 23rd, 2013 between the JV Company and Shanghai Maple
pursuant to terms of the Joint Venture Agreement (the "JV
Agreement") of establishing the JV Company between Zhejiang Kandi
Vehicles Co., Ltd., a wholly owned subsidiary of Kandi and Shanghai
Maple, a 99% owned subsidiary of Geely Automobile Holdings Ltd.
("Geely").
To view an image of the Shanghai Kandi Factory Facility, please
visit:
http://orders.newsfilecorp.com/files/2079/8438_kandienhanced.jpg
Upon the completion of this transfer, the JV Company owns 100%
of Kandi Shanghai and Kandi now becomes a 50% owner of Kandi
Shanghai through its 50% ownership of the JV Company. Kandi
Shanghai has started the production of the Kandi Brand SMA7001BEV
model.
Mr. Hu Xiaoming, Chairman of Kandi and General Manager of the JV
Company, commented, "this ownership transfer of Kandi Shanghai
completes all the cash and asset infusion from both joint venture
parties under the JV Agreement and it better consolidates the
resources and expertise of Kandi and Geely in R&D, production,
sales and marketing for electric vehicles ("EVs"). Furthermore,
Kandi Shanghai will provide the solid platform for Kandi to begin
exploring the public EV sharing project in Shanghai. With the
increase of environmental consciousness among Chinese consumers as
well as government, and urgent demand for urban green public
transportation systems, the EV sector will certainly become a major
driving force for the green economy in China.
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 vehicles. Kandi has
established itself as the one of the world's largest manufacturer
of pure electric vehicles (EVs), Go-Kart vehicles, and tricycle and
utility vehicles (UTVs), among others. More information can be
viewed at its corporate website is http://www.kandivehicle.com.
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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