JINHUA, CHINA--(Marketwire -08/13/12)- Kandi Technologies, Corp. (the 'Company' or 'Kandi') (KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company's wholly owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") has signed a Cooperative Framework Agreement for the Promotion of Self-driving Electric Vehicle Rental for Public Transportation in Hangzhou Project ("the Project") with Zhejiang Guoxin Vehicle Leasing Company ("Guoxin Leasing") at the Energy Saving and New Energy Vehicle Demonstration and Promotion Forum of China International Green Vehicle Industry Expo (Hangzhou) ("Expo") held by EV Key Project Management Office of Ministry of Science and Technology of China on August 10th, 2012.
The strong support and effort of Zhejiang province and Hangzhou city governments to promote electric vehicle development in scale and establish Hangzhou as a role model city for electric vehicles in China provided this great opportunity to the parties to reach such an agreement.
The main provisions of the framework agreement are as follows:
1. Parties will cooperate according to The Feasibility Study of a Public Transportation Project of 100,000 Self-driving Rental EVs in Five Years in Hangzhou City by Development Research Center of the State Council of China, the China Society Of Automotive Engineers ("SAE") and Zhejiang University. Guoxin Leasing indicates that it intends to purchase Kandi brand EVs for such project. The parties have not established definite terms including price, quantities and time for delivery and these will be established by separate purchase agreements.
2. Parties intend to launch the preparation work for the Project immediately after signing the cooperative framework agreement. Guoxin Leasing will first purchase 200 EVs from Kandi Vehicles to launch the project, and the final terms and time for delivery have yet to be determined.
3. Kandi Vehicles will execute the production schedule based upon Guoxin's order and the requirements of the Project's development and will deliver the products in installments until the Project is completed.
4. At the beginning stage of the Project, Kandi Vehicles will have its technicians staying in Gouxin Leasing to provide timely technical support, repair and maintenance services.
Both Parties agree that they will value each other as a critical business partner and strike to achieve mutual development and maximum economic benefits through the cooperation on EV business.
This cooperative framework agreement is another significant step after Kandi Vehicles signed Cooperative Letter of Intent with China Aviation Lithium Battery Co., Ltd. to Promote 20,000 Pure Electric Vehicles in Hangzhou. If this project can be executed successfully, it will establish a strong foundation to advance the next five years of development for Kandi.
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.
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