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China New Energy Group Company Announces Acquisition of Thrive Testing and Biosafety Inc.



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

Spokane, WA – TheNewswire - March 15, 2023 – China New Energy Group Co (“CNER” or "Company") (OTC: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 Acquisition

On 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 results 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 the completion of the share exchange, Thrive became a wholly owned subsidiary of CNER.

Thrive Business

Thrive 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, 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 Management

At closing of the share exchange, Guy Zajonc and Michael Pfeffer have been 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 partnership with the Russian Academy of Sciences deep submersible program. Guy also helped negotiate, document, and project manage James Cameron’s return to the Titanic to produce the feature film “Ghosts of the Abyss” and the production of “James Cameron’s Expedition Bismarck .” From 2003 to 2006, General Counsel - Odyssey Marine Exploration, Inc. (NASDAQ:OMEX). Odyssey reached a market cap of $300M during that time. As the founder of Five by Five Media, Inc., a full-service television and feature film production company, Guy served as CEO from 2008 until 2014 and oversaw aspects of taking the company from an idea on paper to over $100M in topline revenue. Guy holds a Bachelor of Science degree from Southern Illinois University in Administrative Sciences, 1974 and a Juris Doctorate from Gonzaga University School of Law, 1977.

Michael Pffefer is a serial entrepreneur with more than 26 years of experience co-founding and building startup companies. From 2021 to the present Michael is co-founder and President of Thrive Testing & Biosafety Inc. Michael co-founded in 1995 (sold to Reader’s Digest for $66M in 2005). Subsequently, from 1996-2005 he was President and CEO of Persis Corporation, a privately held holding company where he was instrumental in helping the Company including managing over 2.5M square feet of commercial real estate holdings. From 2006 to 2013 Michael was Managing Partner at Kolohala Ventures where he helped the company in raising and deploying over $45M across three early-stage funds. From 2013-2018 Michael was co-founder and CEO of Ibis Networks (, a leader in enterprise plug load energy management and data analytics. From 2018-2020 Michael was co-founder and CEO of Gabriel USA, where he focused on creating cutting edge technologies to advance senior care at home and in retirement communities.

Mr. Gary Bartholomew has resigned as sole director and sole officer of CNER but remains as a consultant.

About Thrive Testing and BioSafety Inc.

Thrive Global BioDefense Inc. (“Thrive”) 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, Business) 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 in 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 disease breakouts before the next pandemic happens. Thrive ’s core strategy is to acquire enabling technology companies and integrate all the technology under one roof, 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

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