NANPING, China, May 25, 2022
/PRNewswire/ -- Happiness Development Group Limited ("HAPP" or the
"Company"), (NASDAQ: HAPP) an emerging and diversified company
engaging in the business of production and sale of nutraceutical
and dietary supplements, providing e-commerce sales and marketing
solutions, and the sales of automobile today announced
that its automobile sales subsidiary 'Taochejun" has
entered into a strategic cooperation agreement with Fujian Yiluba
Automobile Service Consulting Co., Ltd. ("168"). According to the
cooperation agreement, over the next three years, 168 plans to
purchase from Taochejun up to 2,000 new energy vehicles. If 168 purchases all of the 2,000
vehicles, the total value would be about RMB200 million (approximately $30 million).
Yichebao Development Co., Ltd., the parent company of 168, has
been cultivating its automobile industry chain in China for many years, especially in the
parallel import automobile industry. As a wholly-owned subsidiary
of Yichebao in Fujian, 168's focus
is to cooperates with the online ride hailing platforms such as
Didi to expand its Fujian
market.
"168 is another large auto company we plan to cooperate with,
while previously we have announced the cooperation with Ruili and
Shanghai Automobile Trading (Chexiang.com). Taochejun's brand and
its distribution ability are being recognized by a number of car
manufacturers, large auto trading companies, and now a large auto
service company. We believe that with the increasing orders, HAPP's
automobile business will achieve optimistic results for the
following years," said Mr. Xuezhu
Wang, CEO of the Company.
About Happiness Development Group Limited
Headquartered in Nanping, China, Happiness Development 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. 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 B2B business model and
is committed to optimizing the automobile supply chain by offering
standardized vehicle sources on our automobile online sales
platform and providing secure transaction environment, automobile
procurement and financial services for automobile manufacturers.
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 occurrence of any event, change or other
circumstances that could give rise to the terms of the Agreement
not hereafter being memorialized in a definitive agreement; the
outcome of any legal proceedings that have been, or will be,
instituted against the Company or other parties to the Agreement
following announcement of the Agreement and transactions
contemplated therein; the inability to complete the transactions
contemplated by the Agreement due to unsatisfied closing
conditions; risks that the proposed transaction disrupts current
plans and operations as a result of the announcement of the
Agreement and consummation of the transaction described therein;
costs related to the proposed transactions contemplated by the
Agreement; changes in applicable laws or regulations; and other
risks and uncertainties described herein, as well as those risks
and uncertainties 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 Development Group Limited
