Happiness Biotech Announced Another Electric Vehicle Transaction of Over $14 Million With Ruili

NANPING, China, Sept. 23, 2021 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), a China-based company engaging in the business of production of nutraceutical and dietary supplements, providing e-commerce solutions, and the sales of automobile, today announced that Taochejun (Fujian) Automobile Distribution Co., Ltd. ("Taochejun") and its subsidiary have signed agreements with Guang'an Ruili Trading Co., Ltd ("Ruili") to purchase 1350 of the model Bestune B30 EV 400.

Bestune, previously known as Besturn, is an automotive marque owned by the Chinese automaker FAW Group. Bestune B30 is the first model developed by FAW's all-new A- segment platform. This model is outstanding in comfort, performance and stability. According to the agreements, Taochejun purchased 1350 pure electric vehicle "Bestune B30 EV 400", with a total consideration of approximately RMB95 million (approximately $14.7 million).

Ruili is a large auto trading company in Sichuan Province, China, which has a wide range of business relationships and social resources in Sichuan. The Company previously purchased  the model of "e-Bora" together with Ruili in this June and has successfully sold all the e-Bora models.

"We are very happy to cooperate with Ruili again. Taochejun gained a lot of valuable experience from our previous transaction with Ruili. We believe this transaction will further consolidate the long-term cooperative relationship between the two sides. After the integration and resource accumulation of Taochejun in the past few months, the distribution capacity of the platform has been greatly strengthened. We have obtained pre-sale orders for most of the 1350 electric vehicles, and we are confident that the sales will be completed in a short time," said Mr. Xuezhu Wang, CEO of the Company.

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 auto 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