China New Energy Group Co. (OTCPK:CNER) reached to a non-binding and final terms to acquire Thrive Testing and Biosafety, Inc. (THRV) on February 27, 2023. China New Energy Group Co. (OTCPK:CNER) entered into an agreement to acquire Thrive Testing and Biosafety, Inc. (THRV) on March 15, 2023. 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. 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.

China New Energy Group Co. (OTCPK:CNER) completed the acquisition of Thrive Testing and Biosafety, Inc. (THRV) for approximately $130 million on March 15, 2023. 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. At closing of the share exchange, Guy Zajonc and Michael Pfeffer have been appointed Directors and Officers of CNER. Guy Zajonc will be appointed Chief Executive Officer and Michael President COO as officers of CNER. Both are founders of Thrive.