JINHUA, China, Nov. 29, 2016 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the “Company” or “Kandi”) (NASDAQ:KNDI) today appear that its wholly-owned accessory Kandi Electric Cartage (Hainan) Co. Ltd (“Kandi Hainan”) has accustomed a additional subsidy acquittal of RMB 100 actor (approximately USD 14.5 million*) from the Hainan Provincial Government. Pursuant to an acceding with the Hainan Provincial Government, Kandi Hainan will accept a absolute of RMB 300 actor (approximately USD 43.4 million) in subsidy payments to abutment its ysis and development expenditures for a new archetypal of electric agent (“EV”). The subsidy acquittal agenda is based on the advance of Kandi Hainan’s new EV archetypal development, and to date Kandi Hainan has accustomed absolute payments of RMB 200 actor (approximately USD 29.0 million).
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, commented, “This additional appropriate subsidy acquittal from the Hainan Provincial Government has helped to ensure the connected advance of EV ysis and development at our Hainan facility. We are absolute beholden for the Hainan government’s acceptable abutment and will use the subsidy funds to advance the best accessible EV articles that additionally amuse bazaar needs.”
Note: All the bill conversions from RMB to USD referred to in this columnist absolution is based on the barter amount of 1RMB = 0.1447 USD, appear by www.xe.com on the date afore the absolution of this columnist release.
About Kandi Technologies Group, Inc.
Kandi Technologies Group, Inc. (KNDI), headquartered in Jinhua, Zhejiang Province, is affianced in the ysis and development, accomplishment and sales of assorted agent products. Kandi has accustomed itself as one of China’s arch manufacturers of authentic electric agent (“EV”) articles (through its collective venture), EV genitalia and off-road vehicles. More advice can be beheld at the Company’s accumulated website at http://www.kandivehicle.com. The Company commonly posts important advice on its website.
Safe Harbor StatementThis columnist absolution contains assertive statements that may accommodate “forward-looking statements.” All statements added than statements of absolute actuality included herein are “forward-looking statements.” These advanced statements are generally articular by the use of advanced ogue such as “believes,” “expects” or agnate expressions, involving accepted and alien risks and uncertainties. Although the Company believes that the expectations reflected in these advanced statements are reasonable, they do absorb assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not abode disproportionate assurance on these advanced statements, which allege alone as of the date of this columnist release. The Company’s absolute after-effects could alter materially from those advancing in these advanced statements as a aftereffect of a array of factors, including the accident factors discussed in the Company’s alternate letters that are filed with the Balance and Barter Commission and accessible on the SEC’s website (http://www.sec.gov). All advanced statements attributable to the Company or bodies acting on its account are especially able in their absoluteness by these accident factors. Added than as appropriate beneath the balance laws, the Company does not accept a assignment to amend these advanced statements.
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