JINHUA, CHINA–(Marketwire – January 10, 2011) – Kandi Technologies, Corp. (NASDAQ: KNDI) (“Kandi” or the “Company”), a leading Chinese exporter of all terrain recreational vehicles, developer of the “CoCo” all electric Low Speed Vehicle (LSV), and a leader in Electric Vehicle (EV) development in China, today announced the Company has received approval to have its shares transferred from the NASDAQ Capital Market to the NASDAQ Global Market. As such, trading is expected to shift to the NASDAQ Global Market tomorrow, Tuesday, January 11th. Kandi shares will continue to trade under their current symbol: KNDI.
Mr. Xiaoming Hu, Chairman and CEO of the Company, stated, “I am very pleased our Company has met the requirements for a listing on the NASDAQ Global Market. We believe this will help attract international investors to further broaden our shareholder base, improve liquidity and serve to reduce volatility in our shares.”
“Moreover,” Mr. Hu added, “Kandi truly is a global company with an achievable goal of becoming a leader not only in China but around the world in the development and sales of electric vehicles and related services. As there are very few places on Earth not feeling the burden of high petroleum costs and the concurrent problem of high levels of pollution, we believe the success we envision in China for Kandi’s ‘Express Change’ EV solution will open the door wider to opportunities elsewhere.”
“In China,” Mr. Hu added, “with our recent funding, and government approval of sales throughout the country of our low cost lithium ion powered EVs, Kandi is well positioned to ramp up sales to municipal services and to consumers in step with construction of the required EV infrastructure by our partners. Anticipated developments in the months ahead should make our progress increasingly visible to investors worldwide as we continue on a path to become a much bigger company.”
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (NASDAQ: KNDI) ranks as one of the largest manufacturers and exporters of go-karts in China, making it a world leader in the production of this popular recreational vehicle. It also ranks among the leading manufacturers in China of all terrain vehicles (ATVs), and specialized utility vehicles (UTVs), especially for agricultural purposes. Recently, it introduced a second generation high mileage, two seater three-wheeled motorcycle. A major company focus also has been on the manufacture and sales of highly economical, beautifully designed, all electric super mini cars for neighborhood driving and commuting. Available in the U.S., convertible and hardtop models of the CoCo travel up to 60 miles at speeds reaching 25mph on a six hour charge. In China, the government recently approved the sale there of Kandi EVs. These include the lithium ion powered KD5011, which is eligible for national subsidies of up to RMB 60,000 per vehicle in all EV “pilot” cities throughout China. Also, the KD5010, which is now being sold in Jinhua City, where the city’s first “Battery Charging Farm” and “Express Change” battery station has opened. This and planned additional “Express Change” battery stations are operated by a pioneering three partner joint venture in which Kandi holds a 30% interest with China’s leading battery maker, Tianneng Power International, Ltd., and Jinhua Bada Group, a subsidiary of State Grid Power Corporation, China’s largest power company. Participation in China’s first Electric Vehicle (EV) battery replacement services company will mean the development of two revenue streams for Kandi — one from the sale of its battery-powered vehicles and the other from a share of the battery rental, replacement, charging and recycling fees generated by the new joint venture. Kandi believes that battery powered, electric super minis and related services will become the Company’s largest revenue and profit generator. The Company’s products can be viewed at http://www.kandivehicle.com. Its corporate/ir website is http://www.chinakandi.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the Securities and Exchange Commission.
SOURCE: Kandi Technologies, Corp.