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Kandi Raised $3.97 Million From Warrant Exercises and Agreed Extension for the Remaining Warrants

Press Release: Kandi Technologies, Corp. – 13 minutes ago

JINHUA, China, Jan. 29, 2013 (GLOBE NEWSWIRE) -- Kandi Technologies Group, Inc. (the 'Company' or 'Kandi') (KNDI), a leading Chinese manufacturer and developer of pure electric vehicles (EVs) and all-terrain vehicles (ATVs), today announced that the Company has raised gross proceeds of $3.97 million from the Warrants issued in a private placement on January 21, 2010. There are certain remaining Warrants To Purchase Common Stock (the "Warrant") issued to the Capital Ventures (the 'Investor') as part of a private placement and the Company agreed to extend the expiration date for such Warrant.

The expiration date of the Warrant was originally set as of January 22, 2013. Pursuant to the extension agreed by the parties, the new expiration date for the Warrant will be March 8, 2013. The exercise price will remain the same at $3.8067. All other terms of the Warrant remains unchanged.

Denny Schlesinger
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