JINHUA, China, Aug. 15, 2012 /PRNewswire/ -- Kandi Technologies, Corp. (the "Company" or "Kandi") (NASDAQ: KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced, in consideration of the promotion of EV development in scale by Zhejiang Provincial and Hangzhou Municipal governments and building a model city for EV operation in Hangzhou, that the Company's subsidiary, Jinhua Kandi New Energy Vehicles Co., Ltd. ("Kandi New Energy") signed a cooperative letter of intent ("LOI") with Zhejiang Zotye Holding Group Co., Ltd. ("Zotye") to establish a strategic alliance and cooperate with each others' competitive strengths to advance the EV development in Hangzhou.
The major provisions of the LOI are as follows:
- In order to obtain the local government subsidies support, parties intend to jointly establish a new company of Hangzhou Zotye-Kandi New Energy Co. Ltd. ("Zoyte-Kandi") in the area of Hangzhou city.
- For the specific terms of cooperation, parties will sign a separate agreement based upon Hangzhou municipal government's requirements and the progress of the projects.
- To satisfy the EV demands in Hangzhou, before the establishment of Zoyte-Kandi, parties will utilize their respective competitive advantages to start the initial cooperation for mutual development and benefit. The details will be further discussed and negotiated.
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (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.
SOURCE Kandi Technologies, Corp.