JINHUA, China, March 4, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (Nasdaq:KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that on February 27, 2013, the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd ('Kandi Vehicles') has entered into an Assets Purchase Agreement (the "Purchase Agreement") with Zhejiang New Energy Vehicle System Co., Ltd., a limited liability company in China (the "Seller").
In preparation for the cooperation project with Geely, Kandi Vehicle is making this purchase to obtain additional assets for its electric vehicles (the "EV") business. This Purchase includes certain EV pressing assembly line, welding assembly line, coating assembly line, general assembly line and related equipment, facilities, building and land use rights (the "Purchased Assets").
According to the third-party appraisal reports prepared by Jinhua Jinchen Assets Appraisal Co., Ltd., Kandi Vehicles will pay to the Seller RMB 272,767,553 (approximately $43,296,437) for the Purchased Assets in cash within one month of the completion of the transfer of the assets.
Mr. Xiaoming Hu, Chairman & CEO of Kandi comments, "We are very pleased with this EV assets purchase. With these additional assets, we are more confident in our offerings of EV solutions as the leading EV provider in China. To better prepare us for the joint venture cooperation with Geely, we will continue to work hard to meet all the necessary requirements."
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (Nasdaq:KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. 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.