Happiness Biotech provides update and guidance on sales of its e-commerce business

Happiness Biotech Group Limited (the "Company" or Nasdaq: HAPP), an innovative China-based nutraceutical and dietary supplements producer, announced today that Happy Buy, the Company's wholly-owned subsidiary focusing on e-commerce business, recorded sales of over $5 million in January 2021, relatively stable compared with the sales in December 2020.

"The growth of Happy Buy was inevitably affected by the recurrence of the epidemic in China in January, while with the coming of the Spring Festival, seasonal factors such as the slowdown of logistics and the reduction of business orders also has negative impact on our business especially considering Happy Buy is a B2B business. Despite of these challenges, Happy Buy still managed to maintain sales of over $5 million in January," Mr. Xuezhu Wang, CEO of the Company, continued, "after the Spring Festival, we expect the growth will get back to the previous trend. In March, the sales target of Happy Buy is between $8 million to $10 million, or 60% to 100% of increase. What's more exciting is that our newly launched platform Happy Auto has accumulated more than $5 million worth of potential orders, most of which will be delivered in March. We are also glad to see that these orders are mostly comprised of new energy vehicles, which confirms our management's strategy. With the growth of Happy Buy and Happy Auto, We are full of confidence in achieving our annual target of over $20 million for our e-commerce business."