JINHUA, China, Dec. 24, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its subsidiary Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") signed the Ownership Transfer Agreement (the "Agreement") with Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple"), a 99% owned subsidiary of Geely Automobile Holdings Ltd. ("Geely") on December 23rd, 2013.
Pursuant to the terms of the Agreement, the JV Company is required to pay RMB 640,651,000 (approximately USD104,147,186) to acquire 100% ownership of Kandi Electric Vehicles (Shanghai) Co., Ltd. ("Kandi Shanghai") from Shanghai Maple. The JV Company will make the payment of RMB 400,000,000 (approximately USD 65,025,800) within 90 days upon signing the Agreement. The remaining payment will be delivered within 360 days after signing. Both parties agreed to try to complete the transfer process of Kandi Shanghai's entire ownership with local State Administration of Industry and Commerce before December 31st, 2013.
Upon the completion of this transfer, Kandi Shanghai will become 100% owned subsidiary of the JV Company. Through its 50% ownership of the JV Company, Kandi will indirectly own 50% of Kandi Shanghai.
Mr. Xiaoming Hu, Chairman of Kandi and General Manager of the JV Company commented, "This ownership transfer better consolidates the resources and expertise of Kandi and Geely in R&D, production, sales and marketing for electric vehicles ("EVs"), so we will be able to develop more affordable pure electric vehicles for residents in China to buy and drive, provide efficient services to our customers, and promote the use EVs in China. With the increase of consumer environmental consciousness and urgent demand for urban green public transportation systems, the EV sector will certainly become a main driving force for the green economy for China in the near future. We will work our best to build a strong and reliable urban green transportation system and make Kandi the leader in the EV industry 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.
Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: 1-212-551-3610 Email: