CHINA NEW ENERGY GROUP CO ANNOUNCES ACQUISITION TERMS REACHED ON THRIVE TESTING AND BIOSAFETY INC

Thrive Focus: Our priority is Global BioDefense before the next Pandemic

Spokane, WA – (February 27, 2023) – China New Energy Group Co (“CNER”) (OTC-Pink: CNER) announced terms on a planned acquisition of a dynamic emerging biosafety company, Thrive Testing and BioSafety Inc. (“THRV”), a private company with select game changer proprietary biodefense solutions. Thrive has enabling technology for the delivery of BioSafety as a service to Points of Entry (Airports, Sporting Events, Schools, Business), concerns in the forefront of government, media and business focus points.  

The acquisition will take the form of a reverse merger whereby THRV will become part of CNER but the management and control of CNER will be THRV based. An exchange of shares shall apply among other terms and condition including due diligence.

THRV may become a wholly owned subsidiary of CNER. THRV current management may become the new management of CNER inclusive of operating and asset rich THRV.  

Subject to closing, current CNER management and directors will resign appointing and the THRV team will as  new directors and officers and thus THRV management will assume the management of CNER. Through this proposed transaction CNER will focus on the BioSensor and Medical Devices sector supporting decentralized laboratory testing for Viruses and Bacteria on surfaces, in air, in water and in humans/animals

The terms are non-binding and final terms, conditions, and closing are subject to a definitive agreement, and such definitive agreement is anticipated with closing to follow, all within March 2023.

About China New Energy Group Co.

China New Energy Group Co. (“CNER”) is a company seeking to acquire an operating company in the technology marketplace enhancing shareholder value to be created through innovation and new business models.  The focus is on Web3.0 technology defined as Artificial Intelligence, Big Data, Decentralization and Block Chain focused in MedTech, Fintech or AdTech. 

About Thrive Testing and BioSafety Inc.

Thrive Testing and BioSafety Inc. (“THRV”), works with leading research and development companies around the world to license enabling technology for the delivery of BioSafety as a Service to Points of Entry (Airports, Sporting Events, Schools, Business) and to develop a concierge service whereby testing can be ordered and performed on demand at your doorstep.  Testing of Bacteria and Viruses on surfaces, in water, in air and in humans in a decentralized basis will speed up the detection capability with the goal to create an early warning system before a pandemic breaks out.  THRV’s goal is to build a global pandemic early warning system before the next pandemic happens.  THRV core strategy is acquire enabling technology companies and integrate all the technology under one roof, one platform to provide seamless execution on a global scale.

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China New Energy Group Co Contact:

Gary Bartholomew

Chairman and CEO

gary@galtcap.co