“Contestants hope to drive the future into Boston - Boston Globe” plus 3 more

Contestants hope to drive the future into Boston - Boston Globe
Kandi Returns to Profitability in Second Quarter; Maintains Forecast ... - Market Wire
GEICO’s Largest Regional Office Turns 35 - Businesswire.com
GEICO CIO to Deliver Keynote Address at JBoss World 2009 - Newsblaze.com

Contestants hope to drive the future into Boston - Boston Globe

Posted: 17 Aug 2009 01:05 PM PDT

For Trimble, 42, who studied industrial design at Rhode Island School of Design and now does architectural metalwork, the project began with a simple revelation. As gas prices soared last summer, he was sitting in his Volkswagen Beetle and saw a sticker on the door that listed its weight: about 3,000 pounds. "I realized, for every gallon of gas that I put in, 90 percent of it is being used to drive the car, and 10 percent to drive me, and that's just stupid,'' he said.

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Kandi Returns to Profitability in Second Quarter; Maintains Forecast ... - Market Wire

Posted: 17 Aug 2009 06:24 AM PDT

SOURCE: Kandi Technologies, Corp

Believes Final Governmental Approval for China COCO Launch Is Imminent

The MacReport.Net

JINHUA, CHINA--(Marketwire - August 17, 2009) - Kandi Technologies, Corp. ( NASDAQ : KNDI), an established China-based leader in the design and manufacture of all terrain recreational vehicles, and the designer and manufacturer of the COCO all electric super mini auto, today announced results for its second quarter and first half ended June 30, 2009.

The Company said that results in the quarter continued to be heavily impacted by worldwide economic conditions, particularly in the U.S., which traditionally has accounted for the majority of Kandi's sales. Consequently, sales and net income in the quarter and first half were well below the comparable periods last year. Nevertheless, through careful cost management, the Company reported it was able to achieve a slight profit in the second quarter while continuing to invest in new products. In particular, Kandi said it is awaiting what it believes will be final approvals from Chinese authorities to launch sales in China of its battery powered COCO super mini car, which the Company believes will contribute significantly to a second half turnaround.

A Small Profit

The Company reported that revenues in the second quarter of 2009 were $5,481,551 compared with $12,424,373 in the same period last year, as sales in particular of the Company's ATRVs were impacted by the recession. By adjusting costs to align with recession impacted sales, the Company said it achieved net income of $226,373 or $0.01 per share in the period, compared with net income of $2,436,451 or $0.12 per share in the same period last year.

While revenues in the quarter and first six months of 2009 sharply declined, the expenditure for R&D increased 318% through the first six months and more than 159% in the quarter. This is a reflection of the Company's commitment to building a strong sales presence in China, not only with its battery powered car, but also with other new products such as its four-wheel drive "Farmer's Pickup" aimed at the Chinese agricultural market and expected to be launched by year end.

Through the first half of 2009, revenues were $9,487,455, down 56.4% from $21,753,075 in the same period a year earlier. Reflecting the first quarter loss reported by the Company, the loss in the first six months of 2009 was $(356,525), or $(0.02) per share, compared with net income in the first half of 2008 of $3,510,413, or $0.18 per share.

Focus Is On COCO Launch In China

Mr. Xiaoming Hu, Chairman and CEO of the Company, stated, "As we are operating in a very difficult environment, we were pleased to have stemmed our losses, while also making substantial progress in our plan to achieve at least 50% of our sales this year in China, where economic conditions currently are much more favorable than in the rest of the world. Our main focus has been on developing our new battery powered COCO super mini car, for which we have established a production facility ready to roll out cars for the Chinese market as soon as we attain final governmental approval. We believe that following months of successful testing this approval is imminent."

He continued, "While awaiting final approval, we have been quite busy preparing dealers and the Chinese market for the COCO which, in addition to its striking appearance, has numerous features we think will appeal to cost conscious Chinese commuters. While the amount of the announced government grant to individual COCO purchasers has not been finalized, we expect it will be substantial -- making the COCO especially affordable -- and, of course, it will be running on batteries rather than gasoline."

Government Sales Support Sales Targets

"Recently," Mr. Hu added, "we announced that we have been targeting sales of our electric cars not only at individual consumers in China, but also at government agencies. We have signed letters of intent with two Postal Service branches for what we believe will be fleet purchases, a program that could be replicated nationally. This is a program we are continuing to pursue and is a key factor underlying our previously announced full year sales projections."

The Company said it also continues to focus on other new products it believes are potential strong sellers in the U.S., even in the current environment. Among them is a new high mileage, two-seater, three-wheeled motorcycle that achieved some success in the second quarter and is expected to attract additional consumers in the period ahead.

"During the quarter," Mr. Hu said, "we also recorded some initial sales in the U.S. of our electric COCO convertible and are continuing to ship the vehicle based on demand from dealers there."

Outlook

"Looking ahead," Mr. Hu said, "we are very excited about second half prospects once the COCO is launched in China. If successful, we believe we will be the first Company to mass produce an electric vehicle, setting the stage for what we think will be sustainable growth in years to come with a product that meets the needs of the times. We see great opportunity in China, but by no means will abandon our sales efforts worldwide, where Kandi's products have become increasingly well known for their performance, high quality and curb appeal."

About the Company

In 2008, Kandi Technologies, Corp. ( NASDAQ : KNDI) generated nearly $41 million in sales and profits of about $5 million, principally from its core All Terrain Recreational Vehicle (ATRV) business. The Company ranks as one of the largest manufacturers and exporters of go-karts in China, making it a world leader in the production of this increasingly popular recreational vehicle. It also ranks among the leading manufacturers in China of all terrain vehicles (ATVs). A more recent Company focus has been on specialized utility vehicles (UTVs), especially for agricultural purposes. The Company also is launching a second generation high mileage, two seater three-wheeled motorcycle, and a highly economical, beautifully designed, super mini car -- the COCO -- for neighborhood driving and commuting. Kandi believes that battery powered, electric super mini cars will become the Company's largest revenue and profit generator. While nearly all Kandi products historically have been exported, including more than 65% to the U.S., the Company is intensifying efforts to shift 50% of its sales to China where markets have continued to be strong.

The Company's products can be viewed at http://www.chinakandi.com.

Information Regarding Forward-Looking Statements

Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the Securities and Exchange Commission.

 KANDI TECHNOLOGIES, CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended Six Months Ended ------------------------- --------------------------- June 30, June 30, June 30, June 30, 2009 2008 2009 2008 ----------- ------------ ----------- -------------- REVENUES, NET $ 5,481,551 $ 12,424,373 $ 9,487,455 $ 21,753,075 COST OF GOODS SOLD (4,037,629) (9,139,131) (7,063,351) (16,316,178) ----------- ------------ ----------- -------------- GROSS PROFIT 1,443,922 3,285,242 2,424,104 5,436,897 ----------- ------------ ----------- -------------- Research and development 580,772 224,146 1,106,973 264,816 Selling and distribution expenses 97,810 180,596 183,994 409,102 General and administrative expenses 363,103 432,238 930,918 704,682 Stock based compensation expense 315,175 - 525,292 - ----------- ------------ ----------- -------------- INCOME (LOSS) FROM OPERATIONS 87,062 2,448,262 (323,073) 4,058,297 Interest expense, net (109,253) (395,087) (418,557) (1,009,699) Government grants 24,951 17,274 124,005 40,574 Other income, net 245,971 (1,948) 302,185 20,047 ----------- ------------ ----------- -------------- INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES 248,731 2,068,501 (315,440) 3,109,219 INCOME TAX (EXPENSE) BENEFIT (22,358) 33,920 (41,085) 73,660 ----------- ------------ ----------- -------------- INCOME (LOSS) FROM CONTINUING OPERATIONS 226,373 2,102,421 (356,525) 3,182,879 ----------- ------------ ----------- -------------- DISCONTINUED OPERATION Loss from discontinued operation - (34,219) - (33,379) Gain from disposition of discontinued operation - 368,249 - 360,913 NET GAIN FROM DISCONTINUED OPERATION - 334,030 - 327,534 ----------- ------------ ----------- -------------- NET INCOME (LOSS) 226,373 2,436,451 (356,525) 3,510,413 ----------- ------------ ----------- -------------- KANDI TECHNOLOGIES, CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended Six Months Ended ----------------------- ---------------------- June 30, June 30, June 30, June 30, 2009 2008 2009 2008 ----------- ----------- ---------- ----------- OTHER COMPREHENSIVE INCOME Foreign currency translation 16,121 93,622 28,419 350,834 ----------- ----------- ---------- ----------- COMPREHENSIVE (LOSS) INCOME 242,494 2,530,073 (328,106) 3,861,247 =========== =========== ========== =========== WEIGHTED AVERAGE SHARES OUTSTANDING BASIC 19,961,000 19,961,000 19,961,000 19,961,000 ----------- ----------- ---------- ----------- WEIGHTED AVERAGE SHARES OUTSTANDING DILUTED 21,126,517 19,961,000 19,961,000 19,961,000 =========== =========== ========== =========== NET INCOME (LOSS) PER SHARE FROM CONTINUING OPERATIONS, BASIC $ 0.01 $ 0.11 $ (0.02) $ 0.16 ----------- ----------- ---------- ----------- NET INCOME (LOSS) PER SHARE FROM CONTINUING OPERATIONS, DILUTED $ 0.01 $ 0.11 $ (0.02) $ 0.16 =========== =========== ========== =========== NET INCOME PER SHARE FROM DISCONTINUED OPERATIONS, BASIC AND DILUTED $ - $ 0.01 $ - $ 0.01 =========== =========== ========== =========== NET INCOME (LOSS) PER SHARE, BASIC $ 0.01 $ 0.12 $ (0.02) $ 0.18 ----------- ----------- ---------- ----------- NET INCOME (LOSS) PER SHARE, DILUTED $ 0.01 $ 0.12 $ (0.02) $ 0.18 =========== =========== ========== ===========

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GEICO’s Largest Regional Office Turns 35 - Businesswire.com

Posted: 11 Aug 2009 12:57 PM PDT

The company celebrates 35 years at its Southeast, Midwest Regional offices in Macon

MACON, Ga.--(BUSINESS WIRE)--On a muggy, overcast August morning in 1974, GEICO employees reported for work at a new, sprawling, four-story, brick-and-glass building in East Macon. A huge storm the night before made the pathways a muddy mess to navigate (the sidewalks and many of the parking areas were yet unpaved), and associates tracked Georgia red clay on their shoes and into the building.

The day was marked with optimism as GEICO opened its Southeast Regional office, one of the first large regional offices of its kind in company history. At 8:10 a.m. that Aug. 12 morning, then-Gov. Jimmy Carter sent flowers and called GEICO management to welcome the company to the Peach State.

"We are so excited to be celebrating the 35th anniversary of the Macon office," said Regional Vice President Mary Zarcone. "Selecting the Middle Georgia area has certainly been a big win for us. It's hard to imagine GEICO without Macon or Macon without GEICO."

Since its opening, GEICO has become one of Macon's largest employers. Thirty-five years ago, the Macon office opened with 150 employees, but by year's end there were nearly 800 associates in the Macon office. The work force continued to grow and 25 years later, in 1999, GEICO opened a second, four-story, brick-and-glass office across the street from the first building to house its Southeast operations. When the second building opened, the company had roughly 3,400 employees and contributed $74 million in payroll to the local and state economy, according to the Georgia Chamber of Commerce.

Earlier in 1974, GEICO operated in a small office space on Poplar Street in the old First National Bank office building downtown. But GEICO relocated from those temporary digs and moved to a large tract of land off Ocmulgee East Boulevard – which was a two lane highway coined locally as the "Cochran Short Route."

The site GEICO chose was formerly Camp Wheeler, a staging location for many U.S. Army units during World Wars I and II roughly five miles outside of Macon city limits in east Bibb County. The military compound was the best one scouted by the GEICO selection committee according to former Macon's 1974 regional vice president Ross Pierce, who was also a member of the selection committee.

"(Camp Wheeler) and the city of Macon had great infrastructure, particularly its mail and phone facilities," Pierce said.

Today, Macon remains GEICO's largest regional office comprised of both Midwest and Southeast regions, as well as consolidated services. With nearly 4,100 employees, the company is the third largest employer in the city, behind Robins Air Force Base and The Medical Center of Central Georgia. The Macon office is also the largest corporate contributor to the United Way of Central Georgia.

"We're elated to have GEICO's largest operation right here in Macon," said Southeast Regional Vice President Shawn Burklin. "We're over 4,000 employees strong – and growing."

GEICO (Government Employees Insurance Company) – as part of Berkshire Hathaway – is the third-largest private passenger auto insurer in the United States*. GEICO provides auto insurance coverage for 9 million policyholders and insures more than 15 million vehicles.

In addition to auto insurance, GEICO offers customers insurance products for their motorcycles, all-terrain vehicles (ATVs), boats, homes, apartments and mobile homes. Commercial auto insurance and personal umbrella protection and life insurance are also available.

As a member of the Berkshire Hathaway group of companies, GEICO is rated A++ for financial strength by A.M. Best Company and ranks at the top of several national customer satisfaction surveys. For more information, go to http://www.geico.com.

*A.M. Best 2008 market share data

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GEICO CIO to Deliver Keynote Address at JBoss World 2009 - Newsblaze.com

Posted: 12 Aug 2009 04:57 AM PDT

RALEIGH, N.C. - (BUSINESS WIRE) - Red Hat (NYSE: RHT), the world's leading provider of open source solutions, today announced that GEICO Group Vice President and Chief Information Officer, Jess Reed will keynote at the 2009 JBoss World conference in Chicago, September 1-4, 2009. Reed will highlight GEICO's deployment of Red Hat's JBoss Enterprise Middleware and their use of open source middleware software for mission critical platforms. GEICO's participation in JBoss World demonstrates the continuing adoption of JBoss by leading global companies.

GEICO (Government Employees Insurance Company) - as part of Berkshire Hathaway - is the third-largest private passenger auto insurer in the United States. GEICO provides auto insurance coverage for 9 million policyholders and insures more than 15 million vehicles.

Reed and his GEICO colleagues have made strides to improve performance, position the company for additional growth and implemented ways to improve the efficiency of IT systems and applications. Most recently Reed's team deployed Red Hat's JBoss Enterprise Application Platform, where GEICO was able to reduce the total cost of ownership over proprietary Java application servers by more than 30%.

"Middleware represents the next wave of open source adoption, which is why we made a strategic decision to standardize on Red Hat's JBoss Enterprise Middleware," said Reed. "We are very pleased with our JBoss deployment and I look forward to sharing our successes and vision with JBoss customers, partners and developers at JBoss World 2009."

"We are happy to welcome GEICO's CIO, Jess Reed, as a featured keynote speaker at JBoss World 2009. This event will highlight some of the best and most innovative open source middleware use cases and technologies and we are proud to count GEICO as one of our customers," said Craig Muzilla, vice president, Middleware, Red Hat. "GEICO has executed a highly successful migration from proprietary Java middleware products to Red Hat's JBoss Enterprise Middleware. Their story is a prime example of how companies can carve costs out of their datacenters and leverage open source to drive innovation."

GEICO's strategic use of Red Hat's middleware solutions led them to win a JBoss Innovation Award in the "Superior Alternative" category. The awards are designed to recognize the outstanding use, innovation and extension of Red Hat and JBoss solutions by Red Hat customers, partners and the open source community.

For more information or to register for the 2009 Red Hat Summit or JBoss World, please visit www.redhat.com/summit or www.jbossworld.com.

About JBoss World

JBoss World is an annual conference that brings together business decision makers, engineers, developers and community enthusiasts from around the world. Attendees will learn about the latest open source advancements from Red Hat solutions and JBoss Enterprise Middleware technologies. Co-located for the first time this year with the Red Hat Summit, JBoss World will take place in Chicago, Sept. 1-4, 2009. The co-location of Red Hat Summit and JBoss World will provide attendees with the unique ability to move between both conferences with one pass, offering the opportunity to gain increased knowledge across the entire application stack.

About Red Hat, Inc.

Red Hat, the world's leading open source solutions provider, is headquartered in Raleigh, NC with over 65 offices spanning the globe. CIOs ranked Red Hat as one of the top vendors delivering value in Enterprise Software for five consecutive years in the CIO Insight Magazine Vendor Value survey. Red Hat provides high-quality, affordable technology with its operating system platform, Red Hat Enterprise Linux, together with applications, management and Services Oriented Architecture (SOA) solutions, including JBoss Enterprise Middleware. Red Hat also offers support, training and consulting services to its customers worldwide. Learn more: http://www.redhat.com.

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: risks related to delays or reductions in information technology spending, the integration of acquisitions and the ability to market successfully acquired technologies and products; the ability of the Company to effectively compete; the inability to adequately protect Company intellectual property and the potential for infringement or breach of license claims of or relating to third party intellectual property; the ability to deliver and stimulate demand for new products and technological innovations on a timely basis; risks related to data and information security vulnerabilities; ineffective management of, and control over, the Company's growth and international operations; fluctuations in exchange rates; adverse results in litigation; and changes in and a dependence on key personnel, as well as other factors contained in our most recent Quarterly Report on Form 10-Q (copies of which may be accessed through the Securities and Exchange Commission's website at http://www.sec.gov), including those found therein under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.

Red Hat
Caroline Kazmierski, 972-892-4509
ckazmier@redhat.com

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