SOURCE: Kandi Technologies, Corp.

May 09, 2008 13:45 ET

Kandi Technologies, Corp. CEO Rings NASDAQ Opening Bell; Sees New Addition to Anticipated Growth as Company Prepares to Launch Super Mini Car Line in the U.S.

NEW YORK, NY--(Marketwire - May 9, 2008) - Mr. Xiaoming Hu, Chief Executive Officer and Chairman of the Board of Kandi Technologies, Corp. (NASDAQ: KNDI), one of China's leading designers, manufacturers and exporters of all-terrain vehicles (ATVs), utility vehicles (UTVs), and its number one exporter of go-karts, presided today over the Opening Bell at NASDAQ, celebrating the Company's recent listing on NASDAQ on March 18, 2008.

Mr. Hu commented, "This continues to be a very exciting time for Kandi as we shortly expect to be adding a new layer of growth to our core all-terrain recreational vehicle business (ATRVs) with the introduction this summer to the U.S. market of our new super mini convertible cars for casual, neighborhood driving. We expect this new line of vehicles, which we anticipate will be followed by battery powered cars and gas powered hard tops, will be key drivers of our future growth, starting this year."

"As such," Mr. Hu continued, "we are very pleased to have attained our listing on NASDAQ, which should permit greater visibility with investors worldwide as we make progress toward achieving our goals."

About the Company

Kandi Technologies, Corp. ("Kandi" or the "Company"), founded in 2003 and headquartered in Zhejiang Province, The Peoples Republic of China (the PRC), achieved a listing on NASDAQ in March 2008 with the symbol: KNDI. In its core All-Terrain Recreational Vehicle (ATRV) businesses, the Company generated nearly $35 million in sales in 2007, coupled with a 370% increase in profits to just over $5 million. Kandi ranks as the number one manufacturer and exporter of go-karts in China. The Company's most recent focus in the ATRV category has been on specialized utility vehicles (UTVs), especially for agricultural purposes. This vehicle line is seeing strong growth, especially in the U.S., where Kandi sells approximately 70% of all its ATRV products, with the remainder exported to a variety of countries around the world. The most exciting new development at the Company is its plan to shortly launch in the U.S. its highly economical, beautifully designed off highway, super mini car for casual, neighborhood driving. Kandi believes that super minis will very rapidly become the Company's largest revenue and profit generators.

The Company's products can be viewed at http://www.chinakandi.com

About NASDAQ

The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, and with over 3,900 companies, it is number one in worldwide listings among major markets. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; the OMX Nordic Exchange, including First North; and the 144A PORTAL Market. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 60 exchanges, clearing organizations and central securities depositories in more than 50 countries. OMX Nordic Exchange is not a legal entity but describes the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit www.nasdaqomx.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.

Contact Information

  • Contacts:
    Kandi Technologies Corp.
    Hu Xiaoming
    CEO and Chairman of the Board
    (86-0579) 82239700

    U.S. Investors

    Focus Asia Partners
    Robert Agriogianis
    Tel: 973-845-6642
    Fax: 973-966-6252

    Press
    Ken Donenfeld
    donfgroup@aol.com
    Tel: 212-425-5700
    Fax: 212-425-6951