Happiness Biotech Group Limited Announces Name Change to Happiness Development Group Limited and Re-Designation of Its Ordinary Shares

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.

SOURCE Happiness Biotech Group Limited

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