Kandi Technologies Announces Its Subsidiary Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") Signed the Ownershi...
December 24 2013 - 7:35AM
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.
CONTACT: Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: 1-212-551-3610
Email: IR@kandigroup.com
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