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07-May-2020

Happiness Biotech Announced the Sales of Epidemic Prevention Products Have Exceeded RMB45 million

NANPING, China, May 7, 2020 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced today that as of April 30, 2020, the Company's sales of epidemic prevention products have exceeded RMB45 million, approximately $6.5 million.

Among the epidemic prevention products, the sales of 75% Alcohol Disinfectant and Disposable Hand Sanitizer have reached over 9 million bottles in total, and the sales of Daily Protective Masks have reached over 2 million pieces. Due to the increasing demand for Disposable Hand Sanitizer both in domestic and foreign markets, the Company has switched its focus from producing 75% Alcohol Disinfectant to producing Disposable Hand Sanitizer since the beginning of April 2020.

"We know that many of our investors want to know more information about the sales of our epidemic prevention products, and we are glad to report what we have accomplished in the past three months. The COVID-19 has caused tremendous damage to the economy, and our Company is also affected. However, we have been able to recover the loss by timely transforming our manufacturing facilities and production lines to produce epidemic prevention products. We have also provided funding to development of more efficient testing kits. As announced in March, we have accomplished a breakthrough in developing testing kits for COVID-19. Although China has changed the approval policy for new testing kits in early April and required more information for new applications, we are still actively communicating with relevant government agencies and trying our best to push it forward as soon as possible. In the meanwhile, we are prepared for the recovered consumption from the customers for our nutritious products, as our stores starting to re-open all over the country." said Mr. Xuezhu Wang, CEO of the Company.

About Happiness Biotech Group Limited

Headquartered in Nanping, China, Happiness Biotech Group Limited is an innovative China-based nutraceutical and dietary supplements producer focused on the research, development, manufacturing and marketing of a variety of products made from Chinese herbal extracts and other ingredients. The Company's goal is to provide high-quality products to our consumers. Over the past 14 years, the Company has established a product portfolio consisting of 32 CFDA registered "Blue-Cap" SKUs of nutraceutical and dietary supplements products. 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

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Last Updated: 07-May-2020