Happiness Biotech (HAPP) Announces Sales of Cordyceps Mycelia Products Surged over 100% in January

(Updated - January 28, 2020 9:09 AM EST)

Happiness Biotech Group Limited (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.

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