CHINA NEW ENERGY GROUP COMPANY ANNOUNCES SHELL COMPANY STATUS REMOVAL
Thrive Focus: Our priority is Global BioDefense solutions before the next Pandemic.
Spokane, WA – (March 27, 2023) – China New Energy Group Company (“CNER” or “Company”) (OTC-Pink-Alternative Reporting Pink: CNER) is pleased to announce that the “Shell Company” status with OTC Markets, Inc. (“OTC Markets”) has been removed.
Pursuant to Rule 405 as promulgated under the Securities Act of 1933 and Exchange Act Rule 12b-2, a Shell Company is a company, other than an asset-backed issuer, with no or nominal operations and either 1) no or nominal assets; 2) assets consisting of cash and cash equivalents; or 3) assets consisting of any amount of cash and cash equivalents and nominal other assets. The removal of the Shell Company warning on the Company’s page with OTC Markets will not however allow the Company to utilize the safe harbor of Rule 144 to remove restrictive resale legends on restricted equity.
Guy Zajonc (CEO of the Company), states: “We no longer met the definition of a Shell Company with OTC Markets upon completion of the acquisition of Thrive Testing and Biosafety on March 14, 2023. As required by OTC Markets, we submitted a supplemental filing last week stating we were no longer a Shell Company.
About Thrive Testing and BioSafety Inc.
Thrive Testing and Biosafety Inc. works with leading research and development companies around the world to license enabling 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 be ordered and performed on demand at the doorstep of your home or business. Testing of bacteria and viruses on surfaces, in water, in air, and in humans on a decentralized basis will speed up detection capabilities with the goal to create a real-time global early warning system. Thrive’s goal is to use this system to identify bacterial or virus breakouts before the next pandemic happens, protecting people and places. Thrive’s core strategy is to acquire enabling technology companies and integrate all the technology under one roof and one platform to provide seamless execution on a global scale.
Important Notice Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding the company’s future financial performance, as well as the company’s strategy, future operations, revenue guidance, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
China New Energy Group Co. Contact:
Guy Zajonc
Chairman and CEO