(TheNewswire)
Thrive Focus: Ourpriority is Global BioDefense solutions before the nextPandemic.
Spokane, WA – TheNewswire - March 27, 2023 – China New Energy GroupCompany (“CNER” or "Company") (OTC:CNER) is pleased to announce that the"Shell Company" status with OTC Markets, Inc. ("OTCMarkets") has been removed.
Pursuant to Rule 405 as promulgated under theSecurities Act of 1933 and Exchange Act Rule 12b-2, a Shell Companyis a company, other than an asset-backed issuer, with no or nominaloperations and either 1) no or nominal assets; 2) assets consisting ofcash and cash equivalents; or 3) assets consisting of any amount ofcash and cash equivalents and nominal other assets. The removal of theShell Company warning on the Company's page with OTC Markets will nothowever allow the Company to utilize the safe harbor of Rule 144 toremove restrictive resale legends on restricted equity.
Guy Zajonc (CEO of the Company), states: "We nolonger met the definition of a Shell Company with OTC Markets uponcompletion of the acquisition of Thrive Testing and Biosafety on March14, 2023. As required by OTC Markets, we submitted a supplementalfiling last week stating we were no longer a Shell Company.
About Thrive Testing and BioSafetyInc.
Thrive Testing and Biosafety Inc. works with leadingresearch and development companies around the world to licenseenabling technology for the delivery of Biosafety as a Service(“BaaS”) to Points of Entry (Airports, Sporting Events, Schools,Businesses) and to develop a concierge service whereby testing can beordered and performed on demand at the doorstep of your home orbusiness. Testing of bacteria and viruses on surfaces, in water, inair, and in humans on a decentralized basis will speed up detectioncapabilities with the goal to create a real-time global early warningsystem. Thrive's goal is to use this system to identify bacterial orvirus breakouts before the next pandemic happens, protecting peopleand places. Thrive’s core strategy is to acquire enablingtechnology companies and integrate all the technology under one roofand one platform to provide seamless execution on a globalscale.
Important Notice RegardingForward-Looking Statements
This press release contains statements that constitute“forward-looking statements” within the meaning of Section 27A ofthe Securities Act of 1933, as amended (the “Securities Act”), andSection 21E of the Securities Exchange Act of 1934, as amended (the“Exchange Act”). All statements, other than statements of presentor historical fact included in this press release, regarding thecompany’s future financial performance, as well as the company’sstrategy, future operations, revenue guidance, projected costs,prospects, plans and objectives of management are forward-lookingstatements. When used in this press release, the words “could,”“should,” “will,” “may,” “believe,” “anticipate,”“intend,” “estimate,” “expect,” “project,” thenegative of such terms and other similar expressions are intended toidentify forward-looking statements, although not all forward-lookingstatements contain such identifying words. These forward-lookingstatements are based on management’s current expectations andassumptions about future events and are based on currently availableinformation as to the outcome and timing of future events. Except asotherwise required by applicable law, the Company disclaims any dutyto update any forward-looking statements, all of which are expresslyqualified by the statements in this section, to reflect events orcircumstances after the date of this press release.
China New Energy Group Co. Contact:
Guy Zajonc
Chairman and CEO
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