Happiness Development Group Limited Announces Name Change to Paranovus Entertainment Technology Ltd.

Rhea-AI Summary

Happiness Development Group Limited (NASDAQ: HAPP) announced its name change to Paranovus Entertainment Technology Ltd., effective March 14, 2023. The new name aligns with the company’s strategic expansion into pan-entertainment, incorporating advanced technologies like AI, AR, VR, and Web3.0. The Class A ordinary shares will trade under the new symbol PAVS on Nasdaq. CEO Xuezhu Wang emphasized that the name change reflects the company’s evolving focus and future plans. Paranovus operates in three sectors: nutraceuticals, e-commerce, and automobile sales, with a robust product portfolio and a mission to empower small and medium enterprises in China.

Positive

• New name reflects strategic business expansion.
• Focus on pan-entertainment utilizing advanced technologies.
• Three established business lines, including nutraceuticals with 23 registered SKUs.

Negative

• None.

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

FAQ

What is the new name of HAPP?

HAPP will change its name to Paranovus Entertainment Technology Ltd. effective March 14, 2023.

What is the new trading symbol for HAPP?

The new trading symbol for HAPP will be PAVS on Nasdaq, effective March 14, 2023.

What business areas does Paranovus Entertainment Technology Ltd. operate in?

Paranovus operates in nutraceuticals, e-commerce, and automobile sales.

What technologies is Paranovus looking to incorporate?

Paranovus plans to incorporate AI, AR, VR, and Web3.0 into its business strategy.

Who is the CEO of Paranovus Entertainment Technology Ltd.?

The CEO of Paranovus is Xuezhu Wang.