JINHUA, CHINA – July 19, 2011 – (Motor Sports Newswire) – Kandi Technologies, Corp. (NASDAQ: KNDI), today announced it has received authorization from its board of directors for a share repurchase program under which the Company may acquire up to $5 million of Kandi’s outstanding common shares from time to time over the next 18 months.
The board of directors for China’s leading supplier of off-road vehicles and developer of pure electric vehicles (EV) approved the buyback program at its most recent meeting. Kandi Technologies said the buyback authorization allows the Company to purchase common stock in open-market transactions in compliance with applicable federal securities regulations, including Rule 10b-18, over the next 18 months. Kandi Technologies reported 27,433,934 shares of voting common stock outstanding as of March 25, 2011. Any repurchases of Kandi shares will be made on the open market at prevailing market prices or in block trades and subject to market restrictions and market conditions relating to volume, price and timing. Kandi Technologies plans to fund repurchases from its available cash balance.
“This decision reflects the board’s confidence in the underlying value of Kandi Technologies,” said Mr. Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies. “We believe our recent electric vehicle partnerships and ‘Express Change’ technology, coupled with our legacy off-road vehicle success, indicate a higher value for Kandi than is currently reflected in our share price.”
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.
SOURCE: Kandi Technologies, Corp.