Kandi Technologies Completes Jinhua Manufacturing Exit Inspection
Kandi Technologies Group, Inc. (NASDAQ: KNDI) has successfully completed the relocation of its production and offices from its legacy manufacturing plant in Jinhua, China. As of March 2021, the company vacated the old facility, meeting all stipulated conditions. Subsequent inspection by Economic Zone authorities confirmed compliance, paving the way for Kandi to receive a final payment of RMB 162 million (USD $22.7 million), expected within ten working days. This milestone signifies progress in Kandi's operational transition and potential financial stabilization.
- Completion of relocation from legacy plant.
- Final payment of RMB 162 million (USD $22.7 million) expected soon.
- None.
--Progress Toward Final Payment of
Jinhua, China, April 20, 2021 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (“the Company”, “we” or “Kandi”) (NASDAQ: KNDI) today announced that it completed all work necessary to vacate the property associated with its legacy manufacturing plant in the Jinhua Economic and Technological Development Zone. Accordingly, the Development Zone has acknowledged the completion and delivered to Kandi all required documents necessary to close the transaction.
On schedule and as agreed, by the end of March 2021 Kandi finished relocating production and offices to the new industrial park and vacated the old factory property. In early April, the relevant Economic Zone authorities inspected the vacated land and determined that it met all stipulated conditions. This inspection and acceptance will now be verified by an additional set of interested parties. Upon their approval, within ten working days Kandi will receive the final installment payment of RMB 162 million (USD
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 including Zhejiang Kandi Smart Battery Swap Technology Co., Ltd, and SC Autosports, LLC (d/b/a Kandi America), the wholly-owned subsidiary of Kandi in the United States. Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.
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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Contacts:
Kandi Technologies Group, Inc.
Ms. Kewa Luo
+1 (212) 551-3610
IR@kandigroup.com
The Blueshirt Group
Mr. Gary Dvorchak, CFA
gary@blueshirtgroup.com
