SOURCE: Kandi Technologies, Corp.
|
March 17, 2008 08:30 ET
Kandi Technologies, Corp. Approved for Listing on the NASDAQ Capital Market Under the Symbol "KNDI"
JINHUA, ZHEJIANG PROVINCE, CHINA--(Marketwire - March 17, 2008) - Kandi Technologies, Corp.
(OTCBB: KNDI), an emerging US traded PRC-based leader in small vehicle
production, including ATVs, beach vehicles, golf carts and approximately
15% of China's global export market of go-karts, said today that its
application to list its common shares on the NASDAQ Capital Market has been
approved.
"As the traditional home of young, rapidly growing companies we believe
NASDAQ is the appropriate place to list our shares and we are very pleased
to have been able to meet their demanding requirements," stated Mr. Hu
Xiaoming, president and CEO of Kandi. He added, "As we continue to
demonstrate outstanding growth in revenues and net income, we believe that
having our shares trade on NASDAQ will contribute to improved shareholder
value by raising our visibility and helping to attract new retail and
institutional investors."
The Company said it anticipates its shares will begin trading on NASDAQ on
Tuesday, March 18, 2008, with the symbol "KNDI." Until then, it will
continue to trade on the OTC Bulletin Board with the symbol "KNDI.OB."
About the Company
Kandi Technologies, Corp. is a PRC (China)-based vehicle machinery
producer, concentrating on three areas of small vehicle production:
go-karts, special purpose vehicles and casual purpose vehicles. At present,
it is among the leading producers of go-karts in the world, with an
estimated 15% share of China's global export market and a goal of doubling
this share, in large part by becoming the leading producer of this
increasingly popular recreational product in China. Focusing on the
country's rapid economic development, the Company also sees an increasing
need for transportation vehicles for specific purposes, in particular,
mini-size pesticide spraying vehicles and mini-service vehicles.
Additionally, the Company produces a wide and growing range of All Terrain
Vehicles (ATVs) which it believes represent the highest quality vehicles of
this type in China, aimed at the export market as well as the rapidly
growing market in the PRC. The Company also is focused on the development
of fashionable, energy saving mini-cars. It has produced mini-cars that
have completed the trial stage and is now preparing to start mass
production. It expects to begin to export these cars to the American
market, followed by sales in China when the domestic market is more mature.
Kandi is a US full reporting company whose shares are traded under the
symbol KNDI.OB.
The Company's products can be viewed at http://www.kandivehicle.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this
Press Release are forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Forward-looking statements involve known and unknown risks and
uncertainties, which may cause our actual results in future periods to
differ materially from forecasted results. These risks and uncertainties
include, among other things, product demand, market competition, and risks
inherent in our operations. These and other risks are described in our
filings with the Securities and Exchange Commission.