Business
CNER Shell Company Status Removed
CNER Shell Company Status Removed.
About this update from China New Energy Group Co.
[{"type":"text","content":"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 StatementsThis press release contains statements that constitute “forward-looking statements” within t...