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Tuesday, May 30, 2023

Happiness Development Group Limited announces name change to Paranovus Entertainment Technology Ltd.

NANPING, China, March 13, 2023 /PRNewswire/ — Happiness Development Group Limited (“HAPP” or the “Company”), (Nasdaq: Happy APP) is pleased to announce that effective on March 14, 2023the company will change its name to “Paranovus Entertainment Technology Ltd.” to better reflect the company’s strategic business expansion And less restrictive than the current name.In connection with the name change, the trading symbol for Class A common stock will be changed to “PAVS” on the Nasdaq Stock Market, effective March 14, 2023.

Xuezhu WangThe company’s CEO and chairman commented: “This new name will reflect the company’s evolving focus and strategy. The company plans to enter Enter A new field of pan-entertainment in the future that combines traditional entertainment, well-known IP and cutting-edge new technologies 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: nutraceuticals and dietary supplements, e-commerce and car sales. The nutritional and dietary supplement business focuses 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 built a product portfolio that includes 23 SKUs of “blue cap” nutraceuticals and dietary supplement products registered with the State Drug Administration of China.Our e-commerce business focuses on providing e-commerce solutions for small and medium enterprises, including advertising and information technology services China. We also operate our online store selling our dietary supplement products and other selected products from Chinese SMEs China. The mission of our e-commerce business is to enable small and medium-sized enterprises to fully utilize the power of e-commerce to grow rapidly. Our car sales adopt a B2B business model, and we are committed to optimizing the car supply chain by connecting car dealers through an online car sales platform and providing overall car purchase services. For more information, please visit: Happiness Network

forward-looking statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about plans, goals, objectives, strategies, future events or performance, as well as underlying assumptions and other statements of historical fact. When a company uses expressions such as “may,” “will,” “intends,” “should,” “believes,” “expects,” “anticipates,” “projects,” “estimates,” or similar expressions that are not merely historically relevant Importantly, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause 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; technological changes; economic conditions; reputation and brand; competition and Effects of Pricing; Government Regulations; Fluctuations in General Economic and Business Conditions China, the COVID-19 outbreak and its impact on our operations, and assumptions related to or related to any of the foregoing and other risks contained in the Company’s reports with the Securities and Exchange Commission. For these reasons, among other things, investors are cautioned not to place undue reliance on any forward-looking statements in this news release.Additional factors are discussed in the company’s filings with the Securities and Exchange Commission, available at www.sec.gov. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances occurring after the date hereof.

Source Happiness Development Group Co., Ltd.

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