Sales of Cordyceps Mycelia Products Surged over 100% in January

NANPING, China, Jan. 28, 2020 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced today that the sales of its Cordyceps mycelia products surged over 100% in January due to the outbreak of the Wuhan Coronavirus.

As of January 27, 2020, revenue from Cordyceps mycelia products has reached over RMB 8 million (approximately USD 1.2 million), 100% higher than December 2019 and 125% higher than November 2019.

Starting from the end of December 2019, China has seen massive outbreaks of the new coronavirus. The demand for products that targeting people with weak immune system has been stronger than ever. The Company obtained the approval for Cordyceps Mycelia Oral Liquid from the China Food and Drug Administration ("CFDA") back in 1997, being among one of the first companies to receive this approval. According to the results of clinical evaluation, Cordyceps Mycelia Oral Liquid regulates humoral and cellular immunity and improves phagocytosis of macrophages, thus improving body resistance and preventing disease. Such clinical evaluation results were approved by CFDA to be included in Cordyceps Mycelia Oral Liquid's product description. 

"Since the outbreak of Wuhan coronavirus, the demand for our Cordyceps Mycelia Oral Liquid and other nutritional products has increased dramatically. As a public company and being aware of these demands, we feel it is our responsibility to contribute and respond to people's needs in a time when everyone is doing everything in their power to reduce the impact of this disease. We have requested that our employees continue manufacturing even amidst the Chinese New Year's celebrations. We anticipate the demand will continue to increase over the next several months before the coronavirus is fully under control. We are prepared to increase the production capacity at any moment, if necessary," 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 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