JINHUA, China, Jan. 23, 2014 (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") 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").
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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.
Kandi Technologies Group, Inc. Ms. Kewa Luo Phone: 1-212-551-3610 Email: IR@kandigroup.com