NANPING, China, March 9, 2020 /PRNewswire/ -- Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced today that the Company's monthly online sales have reached historical high of RMB11.5 million (approximately $1.6 million) in February, 694% increase compared with the same period last year. The single month sales have surpassed the total online sales in fiscal year 2019.
Since the initial public offering in October 2019, the Company has put significant efforts and resources in online sales. The original business model of the Company focused more on traditional marketing channels, but with the popularity of e-commerce and highly developed logistics, we have found more and more demand for online purchase. Therefore, the Company has strengthened the investment in e-commerce in the past few months, especially in social e-commerce such as WeChat shops.
"We are glad to see our efforts in online sales start to pay off. Our nutraceutical products have been selling quite well online since the outbreak of the Novel Coronavirus. Now as the Company has entered into the disinfectant industry, our online sales, especially the disinfectant sales, have achieved explosive growth. For the next step, we will continue to improve our online channels and we have started to explore more opportunities such as cross-border e-commerce. We have signed a cooperation agreement with Alibaba and officially become the Global Premium Supplier of Alibaba. We are looking forward to achieving the balanced development of the Company both online and offline," 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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