Kandi Technolgies Corp. Authorizes $5 Million Share Repurchase

Kandi Technolgies Corp. announced that it has received authorization from its Board of Directors for a share repurchase program under which the Company may acquire up to $5 million of Kandi's outstanding common shares from time to time over the next 18 months. The Board of Directors for China's supplier of off-road vehicles and developer of pure electric vehicles (EV) approved the buyback program at its recent meeting. Kandi Technologies said the buyback authorization allows the Company to purchase common stock in open-market transactions in compliance with applicable federal securities regulations, including Rule 10b-18, over the next 18 months. Kandi Technologies reported 27,433,934 shares of voting common stock outstanding as of March 25, 2011. Any repurchases of Kandi shares will be made on the open market at prevailing market prices or in block trades and subject to market restrictions and market conditions relating to volume, price and timing. Kandi Technologies plans to fund repurchases from its available cash balance.