--RMB 244 million ($34.2 million) received—
--RMB 281 million still due upon meeting certain milestones--
JINHUA, CHINA, May 26, 2020 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the “Company”, “we” or “Kandi”) (NASDAQ GS: KNDI), announced that it received the first payment of RMB 244 million (US$34.2 million) on May 22nd, 2020 under the real estate repurchase agreement announced on March 9th, 2020.
Under the agreement, Kandi is entitled to receive additional payments based on achieving certain milestones:
- A second payment of RMB 119 million (USD $16.7 million) is due within 10 days of “restoration” of the land. “Restoration” is defined as full legal cancellation of the land use rights; transfer of the ownership rights to the factory buildings and other fixtures on the land; and the return of undeveloped parcels.
- A final payment of RMB 162 million (USD $22.7 million) will be due within 10 days of “return” of the land. “Return” is defined as completely vacating the land, factory buildings, and real estate and returning the factory and other real property to the Jinhua Economic and Technological Development Zone.
Kandi Chairman and CEO Hu Xiaoming commented: “We are pleased with our progress in this repurchase agreement with Jinhua Economic and Technological Development Zone. Considering the disruption from the COVID-19 crisis, receipt of the first milestone payment demonstrates that the deal remains on track. This payment enhances our liquidity while enabling the next stage of our growth initiatives.”
Please refer the further details to Kandi’s press release dated March 9th, 2020.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua Economic Development Zone, Zhejiang Province, is engaged in the research, development, manufacturing, and sales of various vehicular products. Kandi conducts its primary business operations through its wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. ("Kandi Vehicles") and its subsidiaries, SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the United States and Fengsheng Automobile Technology Group Co., Ltd (formerly known as Kandi Electric Vehicles Group Co., Ltd., the “Affiliate Company”). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the Affiliate Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. Geely Group (including its affiliate) and Kandi Vehicles currently holds 78% and 22% of the equity interests in the Affiliate Company, respectively. The Affiliate Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.
More information about KNDI is available on the Company's corporate website at http://www.kandivehicle.com. The Company routinely posts important information on its website.
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 applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
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For More Information:
Kandi Technologies Group, Inc.
Ms. Kewa Luo
Phone: +1 (212) 551-3610
The Blueshirt Group
Mr. Gary Dvorchak
Ms. Susie Wang