JINHUA, China, Jan. 23, 2014 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the "Company" or "Kandi") (Nasdaq:KNDI), announced today that its subsidiary Zhejiang Kandi Electric Vehicles Co., Ltd. (the "JV Company") has completed the ownership transfer process of Kandi Electric Vehicles (Shanghai) Co., Ltd. ("Kandi Shanghai") from Shanghai Maple Guorun Automobile Co., Ltd. ("Shanghai Maple") to the JV Company per requirement of local State Administration of Industry and Commerce. The Ownership Transfer Agreement (the "Transfer Agreement") was previously signed on December 23 rd, 2013 between the JV Company and Shanghai Maple pursuant to terms of the Joint Venture Agreement (the "JV Agreement") of establishing the JV Company between Zhejiang Kandi Vehicles Co., Ltd., a wholly owned subsidiary of Kandi and Shanghai Maple, a 99% owned subsidiary of Geely Automobile Holdings Ltd. ("Geely").
Kandi Technologies Reports The Completion Of Ownership Transfer Of Kandi Shanghai To Kandi/Geely Joint Venture Company
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