This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Kandi Technologies Issues Letter To Shareholders Responding To Media Story Inaccuracies

JINHUA, China, May 9, 2011 /PRNewswire/ -- Kandi Technologies, Corp. (Nasdaq: KNDI), a leading Chinese supplier of off-road vehicles and developer of pure electric vehicles (EV), said it issued an open letter to its shareholders to refute a recent web-based article and its inaccurate allegations.  In order to provide continued transparency to shareholders and other interested investors, the Company has filed a copy of the letter with the Securities and Exchange Commission (SEC), which is available at their website:

Kandi's letter to shareholders addresses the inaccuracies of an online article released last week, and provides a detailed response to the questions raised.  Kandi reiterates that the article is incorrect and reflects a general lack of understanding of the Company's business. Importantly, the Company emphasized that its financial information regarding revenues as filed with the SEC in its annual reports on Form 10-K is accurate and the Company is taking steps to ensure its filings continue to meet the high standards of accuracy and transparency investors have come to expect.

"We take our fiduciary duty to shareholders and all stakeholders very seriously, and the conclusion reached by this website in no way reflects the current business of Kandi Technologies," said Xiaoming Hu, CEO and Chairman of the Board of Kandi Technologies.  "In fact, Kandi has made great strides on our EV business in China, we continue to have a solid U.S. presence in go-karts and specialized EV products, and we have made several important moves to strengthen the independence of our Board and our overall corporate governance, including the hiring just last week of a 'big four' professional firm to ensure we have a third-party perspective on our business and financial reporting."  

About Kandi Technologies, Corp.

Kandi Technologies, Corp. (Nasdaq: KNDI) is a manufacturer and exporter of a variety of vehicles in China, making it a world leader in the production of popular off-road vehicles (ORVs). It also ranks among the leading manufacturers in China of all-terrain vehicles (ATVs), specialized utility vehicles (UTVs), and a recently introduced second-generation high mileage, two-seat three-wheeled motorcycle. Another major company focus has been on the manufacture and sale of the COCO electric vehicle (EV), a highly economical, beautifully designed, all-electric super mini-car for neighborhood driving and commuting. The convertible and hardtop models of the COCO EV are available in the United States and other countries, while the Chinese government has approved the sale of Kandi EVs in China since 2010. The Company's products can be viewed at and its corporate website is

Information Regarding Forward-Looking Statements

The foregoing press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements about the Company's expectations, beliefs, intentions or strategies for the future, which the Company indicates by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "our company believes," "management believes" and similar language. These forward-looking statements are based on the Company's current expectations and are subject to certain risks, uncertainties and assumptions. The Company's actual results may differ materially from results anticipated in these forward-looking statements. The Company bases its forward-looking statements on information currently available, and it assumes no obligation to update them. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs