Business
China New Energy Group Company Announces Acquisition of Thrive Testing and Biosafety Inc.
China New Energy Group Company Announces Acquisition of Thrive Testing and Biosafety Inc..
About this update from China New Energy Group Co.
[{"type":"text","content":"Thrive Focus: Our priority is Global BioDefense solutions before the next PandemicSpokane, WA – (March 15, 2023) – China New Energy Group Co (“CNER” or \"Company\") (OTC-Pink: CNER) is pleased to announce the completion and execution of a share exchange agreement acquisition of and with Thrive Testing and BioSafety Inc. (“Thrive”). Thrive is now owned as a subsidiary of CNER. The Company, combined, seeks to expand into the biosafety and related areas, now having material assets and material operations, thanks to the Thrive acquisition.Thrive AcquisitionOn February 27, 2023, the Company announced it entered into a Letter of Intent (“LOI”) to exchange shares with a private company called Thrive Testing and Biosafety Inc., common stock of the Company for ownership of Thrive, thus acquiring Thrive, subject to the share exchange.The share exchange with Thrive resulted in exchanging 185 shares of CNER for 1 share of Thrive, resulting in the issuance of approximately 5,071,193,360 restricted common shares to the Thrive shareholders in exchange for 27,411,856 common shares of Thrive. Upon completing the share exchange, Thrive became a wholly owned subsidiary of CNER.Thrive BusinessThrive Testing and BioSafety Inc., business is select game-changing proprietary biosafety solutions and is now a wholly owned subsidiary of CNER. Thrive has enabling technology for the delivery of BioSafety as a Service (known as “BaaS”) to Points of Entry (Airports, Sporting Events, Schools, and Business), concerns in the forefront of government, media and business focus points. Thrive can test for viruses and bacteria on surfaces, in water, and in the air. Additionally, Thrive, and its technology provider are working together to achieve regulatory approval for human testing using saliva as the matrix.New ManagementAt closing of the share exchange, Guy Zajonc and Michael Pfeffer were appointed Directors and Officers of CNER. Both are founders of Thrive. Guy Zajonc will be appointed CEO, and Michael President COO as officers of CNER.Guy Zajonc, a business lawyer and entrepreneur, has over 40 years of experience in start-ups, early-stage, and public companies. 2000 to 2001, Guy was general counsel and project manager to Deep Ocean Expeditions, Inc., the company responsible for pioneer tourist dives on the Titanic in partnersh...