Jinhua, China--(Newsfile Corp. - October 11, 2019) - Kandi Technologies Group, Inc. (NASDAQ GS: KNDI) (the "Company," "we" or "Kandi") , announced today that in order to have an audit firm more accessible to PCAOB inspections, the Company has appointed Marcum Bernstein & Pinchuk LLP ("MBP") as the Company's new independent registered public accounting firm effective October 7, 2019. The appointment of MBP was approved by the Company's audit committee.
Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi commented: "We would like to thank BDO China for their diligent contribution as our auditor in the past. We look forward to working with MBP. We believe MBP's experience and expertise will become an asset as we enter our next phase of business expansion."
For more information regarding the Company's change in auditing firm, please refer to the Company's Form 8-K to be filed with the Securities and Exchange Commission.
About Marcum Bernstein & Pinchuk LLP
Marcum LLP is one of top ten independent public accounting and advisory services firms to U.S. listed companies. Marcus Bernstein & Pinchuk LLP or MBP, established in New York and China, is an independent accounting firm and financial consulting firm with a strong focus on providing services including auditing, M&A financing, IPO strategy consulting, public relations advisory, financial due diligence, and EB-5 investment to clients from Asia Pacific regions. With offices in New York, Beijing, Guangzhou, Shenzhen, Hangzhou, Shanghai, and Tianjin, MBP's in-depth knowledge of Chinese culture and local business operations allows them to offer its clients the most comprehensive high-class, efficient, and diversified professional services. MBP has become the top ranked auditor for Chinese companies listed in the U.S. markets with extensive resources in China besides the international "Big Four" accounting firms.
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, SC Autosports, LLC, the wholly-owned subsidiary of Kandi in the United States and Kandi Electric Vehicles Group Co., Ltd. (the "JV Company"). Kandi Vehicles has established itself as one of China's leading manufacturers of pure electric vehicle parts and off-road vehicles.
In 2013, Kandi Vehicles and Geely Group, China's leading automaker, jointly invested in the establishment of the JV Company in order to develop, manufacture and sell pure electric vehicle ("EV") products. As of September 30, 2019, Geely Group (including its affiliate) holds 78%, and Kandi Vehicles holds 22% in the JV Company. The JV Company has established itself as one of the driving forces in the development and the manufacturing of pure EV products in China.
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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Ms. Kewa Luo
Kandi Technologies Group, Inc.
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