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0579) 82239856
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Item 1.01 Entry into a
Material Definitive Agreement
On September 28, 2010, Kandi
Technologies, Corp. (the “Company”) entered into a joint venture agreement (the
“Agreement”) with Tianneng Power International, Ltd., a battery manufacturer
(“Tianneng”), and Jinhua Bada Group, a subsidiary of State Grid Power
Corporation, China’s largest power company (“Bada Group”), in order to create an
electric vehicle battery rental and replacement services company, which will
provide battery changing stations for the Company’s electric vehicle
purchasers. The Company will own 30% of the new company; Tinneng will
own 30%, and Bada Group will own 40%.
Prior to the date of the Agreement,
there were no material relationships between the Company or any of its
affiliates and Tianneng and Bada Group.
Reference is made to Exhibit 99.1 for a
discussion of certain forward-looking statements included therein. These
“forward-looking statements,” are based on management’s beliefs, as well as on a
number of assumptions concerning future events and information currently
available to management. Readers are cautioned not to put undue reliance on such
forward-looking statements, which are not a guarantee of performance and are
subject to a number of uncertainties and other factors, many of which are
outside the Company’s control that could cause actual results to differ
materially from such statements. For a more detailed description of the factors
that could cause such a difference, please see the Company’s filings with the
Securities and Exchange Commission.
The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
The information contained in this
Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall
not be deemed to be “filed” for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to
the liabilities of that Section, nor shall it be incorporated by reference into
a filing under the Securities Act of 1933, or the Exchange Act, except as shall
be expressly set forth by specific reference in such a filing.
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
99.1 Press
Release of Kandi Technologies, Corp., dated October 5, 2010.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.