JINHUA, CHINA – May 9, 2011 – (Motor Sports Newswire) – Kandi Technologies, Corp. (Nasdaq: KNDI), a leading Chinese supplier of off-road vehicles and developer of pure electric vehicles (EV), said it issued an open letter to its shareholders to refute a recent web-based article and its inaccurate allegations. In order to provide continued transparency to shareholders and other interested investors, the Company has filed a copy of the letter with the Securities and Exchange Commission (SEC), which is available at their website: http://sec.gov/Archives/edgar/data/1316517/000114420411026983/0001144204-11-026983-index.htm
Kandi’s letter to shareholders addresses the inaccuracies of an online article released last week, and provides a detailed response to the questions raised. Kandi reiterates that the article is incorrect and reflects a general lack of understanding of the Company’s business. Importantly, the Company emphasized that its financial information regarding revenues as filed with the SEC in its annual reports on Form 10-K is accurate and the Company is taking steps to ensure its filings continue to meet the high standards of accuracy and transparency investors have come to expect.
“We take our fiduciary duty to shareholders and all stakeholders very seriously, and the conclusion reached by this website in no way reflects the current business of Kandi Technologies,” said Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies. “In fact, Kandi has made great strides on our EV business in China, we continue to have a solid U.S. presence in go-karts and specialized EV products, and we have made several important moves to strengthen the independence of our Board and our overall corporate governance, including the hiring just last week of a ‘big four’ professional firm to ensure we have a third-party perspective on our business and financial reporting.”
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (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. The Company’s products can be viewed at http://www.kandivehicle.com and its corporate website is http://www.chinakandi.com.
Information Regarding Forward-Looking Statements
The foregoing press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements about the Company’s expectations, beliefs, intentions or strategies for the future, which the Company indicates by words or phrases such as “anticipate,” “expect,” “intend,” “plan,” “will,” “we believe,” “our company believes,” “management believes” and similar language. These forward-looking statements are based on the Company’s current expectations and are subject to certain risks, uncertainties and assumptions. The Company’s actual results may differ materially from results anticipated in these forward-looking statements. The Company bases its forward-looking statements on information currently available, and it assumes no obligation to update them. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements.
Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.
Kandi Technologies, Corp.
Chairman and CEO
Executive Vice President of Finance
Jeff Lambert, Mike Houston
Lambert, Edwards & Associates
SOURCE: Kandi Technologies, Corp.