NANPING, China, Nov. 11, 2021 /PRNewswire/ -- Happiness Biotech
Group Limited ("Happiness" or the
"Company"), (NASDAQ: HAPP), is pleased to
announce that effective on November 12,
2021, the Company will change its name to "Happiness
Development Group Limited" (the "Name Change"). In addition,
the Company re-designated its authorized ordinary shares, par value
$0.0005 each, into Class A ordinary
shares, par value $0.0005 each, and
Class B ordinary shares, par value $0.0005 each, on an one-for-one basis. The issued
and outstanding ordinary shares will all be re-designated as Class
A ordinary shares, except that 12,045,100 issued and outstanding
ordinary share held by Happy Group Inc., an entity controlled by
Mr. Xuezhu Wang, the CEO and
chairman of the Company will be re-designated as 12,045,100 Class B
ordinary shares, and that 150,000 issued and outstanding ordinary
shares held by Mr. Xuezhu Wang will
be re-designated as 150,000 Class B ordinary shares. The Class A
ordinary shares continue to be listing on the Nasdaq Capital Market
under the symbol of "HAPP". Currently, there is no public market
for the Class B ordinary share.
Xuezhu Wang, CEO of the Company,
commented,"Happiness has made several successful new business
development and strategic acquisitions to expand and
strengthen our business during the COVID-19 pandemic. I am thrilled
for the future business growth of our businesses, including the
nutraceutical and dietary supplements, e-commerce business and auto
sales, under our new name of 'Happiness Development Group
Limited."
About Happiness Biotech Group Limited
Headquartered in Nanping, China, Happiness Biotech Group Limited
currently has three business lines：nutraceutical and dietary
supplements, e-commerce and automobile sales. The nutrition and
dietary supplements business is focusing on the research,
development, manufacture and marketing of various products made
from Chinese herbal extracts and other ingredients. Over the past
17 years, we have established a product portfolio consisting of 23
PRC National Medical Products Administration registered "Blue-Cap"
SKUs of nutraceutical and dietary supplements products. Our
e-commerce business focuses on offering e-commerce solutions,
including advertising and information technology services to small
and medium-sized enterprises in China. We also run our online stores which
carries our products of dietary supplements and other selected
products sourced from the small and medium-sized enterprises in
China. Our mission for the
e-commerce business is to enable small and medium-sized enterprises
to fully leverage the power of e-commerce to grow rapidly. Our
automobile sales adopts the B2B business model and is committed to
optimizing the auto supply chain by connecting car dealers on our
online automobile sales platform and offering the overall services
for purchasing automobiles. For more information, please
visit: www.happ.org.cn
Forward-Looking Statements
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may, "will, "intend," "should," "believe," "expect," "anticipate,"
"project," "estimate" or similar expressions that do not relate
solely to historical matters, it is making forward-looking
statements. Forward-looking statements are not guarantees of future
performance and involve risks and uncertainties that may cause the
actual results to differ materially from the Company's expectations
discussed in the forward-looking statements. These statements are
subject to uncertainties and risks including, but not limited to,
the following: the Company's goals and strategies; the
Company's future business development; product and service demand
and acceptance; changes in technology; economic conditions;
reputation and brand; the impact of competition and pricing;
government regulations; fluctuations in general economic and
business conditions in China, the
COVID-19 outbreak and its impact on our operations and assumptions
underlying or related to any of the foregoing and other risks
contained in reports filed by the Company with the Securities and
Exchange Commission. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the U.S.
Securities and Exchange Commission, which are available for review
at www.sec.gov. The Company undertakes no obligation to publicly
revise these forward-looking statements to reflect events or
circumstances that arise after the date hereof.
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SOURCE Happiness Biotech Group Limited