SOURCE: Kandi Technologies, Corp
October 21, 2010 08:30 ET
Kandi Technologies Names Cathy Cao Executive VP of Finance
JINHUA, CHINA--(Marketwire - October 21, 2010) - Kandi Technologies, Corp. (NASDAQ: KNDI), a leading Chinese exporter of recreational vehicles, developer of the "COCO" all electric LSV, and a leader in Electric Vehicle (EV) development in China, announced today it has named former investment banker Cathy Cao as Executive VP of Finance, a new position at the Company.
Mr. Xiaoming Hu, Chairman and CEO of the Company, stated, "We are very pleased to welcome Cathy to our Company. At this pivotal time as Kandi transitions to a leadership role in the emerging EV industry, Cathy brings a very strong background in finance and corporate development, and a deep understanding of the capital markets and international investment community that we believe will be of particular help in strengthening our relationship with current and potential investors worldwide."
Most recently, Ms. Cao served as a senior level investment banker with Rodman and Renshaw in New York. She began her career on Wall Street at Groton Partners, a New York based merchant banking boutique led by Luis Rinaldini. She later left this position to help launch the investment banking platform at Knight Capital Group. Prior to her Wall Street career, Ms. Cao was an enterprise product marketing manager at software producer Parametric Technology Corporation, and a management consultant at Cap Gemini Ernst and Young. Ms. Cao received an M.B.A degree from Columbia Business School. She also obtained both a B.A. degree summa cum laude in an honors program, and an M.S. degree in computer science from the University of Tennessee at Knoxville. Among her memberships is the New York Society of Securities Analysts.
About Kandi Technologies, Corp.
Kandi Technologies, Corp. (NASDAQ: KNDI) ranks as one of the largest manufacturers and exporters of go-karts in China, making it a world leader in the production of this popular recreational vehicle. It also ranks among the leading manufacturers in China of all terrain vehicles (ATVs), and specialized utility vehicles (UTVs), especially for agricultural purposes. Recently, it introduced a second generation high mileage, two seater three-wheeled motorcycle. A major company focus also has been on the manufacture and sales of highly economical, beautifully designed, all electric super mini cars for neighborhood driving and commuting. Available in the U.S., convertible and hardtop models of the COCO travel up to 60 miles at speeds reaching 25mph on a six hour charge. In China, the government recently approved the sale there of Kandi EVs, including the larger, more powerful, KD5010. Kandi believes that battery powered, electric super minis and related services will become the Company's largest revenue and profit generator. The Company's products can be viewed at http://www.kandivehicle.com. Its corporate/ir website is http://www.chinakandi.com.
China's First EV Battery Replacement Services Company
In early October, Kandi announced the launch of a three partner joint venture with China's leading battery maker, Tianneng Power International, Ltd., and Jinhua Bada Group, a subsidiary of State Grid Power Corporation, China's largest power company, to create China's first Electric Vehicle (EV) battery replacement services company.
This pioneering agreement paves the way for the realization of Kandi's EV business model in Jinhua. In this model, purchasers of Kandi EVs will have easy access to multiple, easily reached changing stations throughout the city, eliminating concerns about limited driving ranges and battery maintenance. Further, by having batteries available on a rental basis, rather than having to purchase them with their vehicles, the purchase cost of new EVs will be lowered substantially.
In the announcement, the Company added that construction in Jinhua by State Grid Corporation of the main battery charging station within the city is expected to be completed in October, and following that, in November, Kandi anticipates that sales in Jinhua of the previously announced 3000 Kandi EVs being subsidized by the local and regional government will commence. It was noted this will mean the development of two revenue streams for Kandi -- one from the sale of its battery-powered vehicles and the other from a share of the battery rental, replacement, charging and recycling fees generated by the new joint venture. Kandi said a key enabling feature of the changing stations will be the Company's quick battery change technology, which will permit drivers to have their batteries exchanged in a matter of minutes.
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.