NANPING, China,
March 13,
2023 /PRNewswire/ -- Happiness Development Group
Limited ("HAPP" or the "Company"), (NASDAQ: HAPP) is
pleased to announce that effective on March
14, 2023, the Company will change its name to "Paranovus
Entertainment Technology Ltd.", which better reflects the Company's
strategic business expansion and
less limiting than the current name. In connection with the name
change, the trading symbol of the Class A ordinary shares will be
changed to "PAVS" on the Nasdaq Stock Market, effective on
March 14, 2023.
Xuezhu Wang, the CEO and the
Chairman of the Board of the Company, commented, "This new name
will reflect the company's evolving focus and strategy. The company
is planning to enter into a new
field of pan-entertainment in the future with the combination of
the traditional entertainment, well-known IP and cutting-edge new
technology such as AI, AR, VR and Web3.0. We are excited for this new chapter of the
company."
About Paranovus Entertainment Technology Ltd.
Headquartered in Nanping, China, Paranovus Entertainment Technology Ltd.
(fka 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. 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 Development Group Limited