Kandi Announces Appointments of New Chief Strategy Officer and Chief Financial Officer

JINHUA, China, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (NASDAQ:KNDI) today announced two new executive appointments to help support its continuing rapid growth. Kandi’s board of directors has appointed Mr. Wang Cheng (Henry) as the Company’s new Chief Strategy Officer and Mr. Mei Bing as the Company’s Chief Financial Officer, with both appointments effective immediately.

Mr. Wang, who is resigning as our Chief Financial Officer in order to assume the position of Chief Strategy Officer, has 20 years of experience in operations, strategy, financial management, and mergers and acquisitions. Going forward, he will be responsible for driving Kandi’s corporate strategy and implementing investment decisions.

Mr. Mei is a seasoned financial executive with a distinguished career of more than 15 years as an executive with Fortune 500 companies, large multinational enterprises, and middle market companies, including public companies, in both the U.S. and China. Before joining Kandi, Mr. Mei served as the Chief Financial Officer and board secretary of Skystar Bio-Pharmaceutical Company, a leading publicly traded biotechnology company based in China, from 2011 through 2016. From 2015 through 2016, he also served as an independent non-executive member of the board of directors and as chairman of the audit committee of PharmaMax Corporation, also based in China. From 2006 through 2011, Mr. Mei served as the Chief Financial Officer of Avineon, Inc., a multinational technology company located in the U.S., where he managed the Company’s global financial operations in North America, Asia and Europe. Prior to his service Avineon, Inc., he served as Controller of Arrowhead Global Solutions, Inc. (now part of Harris Corporation), a U.S.-based global provider of satellite communications to remote and harsh environments. Mr. Mei has also served as the Controller of both PICS, Inc. and Thompson Hospitality Corporation, a member of the Compass Group family of companies, located in the U.S. Mr. Mei received a B.S. degree in Economics from Zhejiang University in Hangzhou, China and holds an M.B.A. degree from The Fuqua School of Business at Duke University, where he graduated with distinction as a Fuqua Scholar. Mr. Mei is a Certified Public Accountant (CPA) in the State of Maryland, a Certified Management Accountant (CMA), a Chartered Global Management Accountant (CGMA), and a Certified Valuation Analyst (CVA).

Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented, “We are delighted to have Mr. Mei Bing join our management team as Kandi’s new Chief Financial Officer. Mr. Mei brings extensive experience in financial management, capital markets, and accounting under both international and Chinese standards. His impressive international and financial background together with his strong leadership skills will enable him to play a key role in establishing strong financial capabilities for Kandi and reinforcing our leading market position. Additionally, we greatly appreciate the contributions Mr. Wang (Henry) Cheng made to the Company as its former Chief Financial Officer, and in particular his important commitment to improving the Company’s financial transparency and efficiency. Mr. Wang will now assist us in exploring new opportunities to maintain profitability and help us develop strategic initiatives for our sustainable growth. Mr. Wang will continue to be a key member of our management team and we believe he will meet our expectations and help us accelerate our growth.”

About Kandi Technologies Group, Inc.

Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is engaged in the research and development, manufacturing and sales of various vehicle products. Kandi has established itself as one of China's leading manufacturers of pure electric vehicle ("EV") products (through its joint venture), EV parts and off-road vehicles. More information can be viewed at 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 securities laws, the Company does not assume a duty to update these forward-looking statements.

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Company Contact: Ms. Kewa Luo Kandi Technologies Group, Inc. Phone: 1-212-551-3610 Email: IR@kandigroup.com

Source:Kandi Technologies Group, Inc.