LOS ANGELES, June 23, 2016 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ:NVFY) (“Nova LifeStyle” or the “Company”), a U.S.-based, leading innovative designer, manufacturer and distributor of modern life style furniture, today announced key achievements in furthering the Company’s export market business in Dubai and Australia. The Company is focused on growing these market opportunities in order to diversify its business relative to its larger markets in North America, China, and Europe.
Key recent developments of note include:
- A big hotel project in Dubai has started production. In addition, the Company’s customer has begun construction of a second project which offers Nova LifeStyle an opportunity to win additional business with the customer.
- Double Tree and Marriott hotel projects are in the early stages of production and represent significant business potential for Nova LifeStyle. At this stage, the Company has five projects ongoing and an additional one in Australia in the negotiation stage.
- Nova LifeStyle will participate in the Home Show of Harvey Norman Australia in July 2016 which is a private in-house exhibition only for Harvey Norman buyers. Harvey Norman is a leading retailer in Australia selling a range of products, including home furnishings.
- Nova LifeStyle is evaluating the opening of its own showroom in Dubai which would highlight furnishings for hotel projects in the area. With more than 15 hotel projects under development Nova LifeStyle has significant opportunity to win business in Dubai and would likely operate the showroom in a joint venture structure with one of its partners from the Dragon Mall project in Dubai.
Jeffrey Wong, CEO of Nova LifeStyle, stated, "By expanding our business in areas such as Dubai and Australia we gain multiple benefits. In Dubai there are more than 15 hotel projects under development, offering our Company many opportunities to win significant business. Hotel projects require much more furniture pieces than a residential home, as one would expect. Winning hotel contracts will enable us to accelerate our top line growth with the added benefit of better payment terms which will allow us to tighten up our receivables. In addition, by growing our business in Dubai and also Australia we will further diversify our operations, providing the Company a valuable buffer against weak economic activity in any one region.”
About Harvey Norman
Founded in 1982, Harvey Norman is an Australia-based multiline retailer with sales in multiple southeast Asian countries. The Company is listed on the Australian Stock Exchange (ASX:HVN) and operated 280 company-owned and franchised stores as of 2016. The Company sells a wide variety of products, including electronics, appliances, and home furnishings. For more information on Harvey Norman please visit http://www.harveynormanholdings.com.au/.
About Nova LifeStyle
Nova LifeStyle, Inc., a NASDAQ Global Markets Exchange listed company headquartered in California, is a fast growing, innovative designer, manufacturer and distributor of modern LifeStyle furniture; primarily sofas, dining rooms, cabinets, office furniture and related components, bedrooms, and various accessories in matching collections. Nova's products are made in the US, Europe, and Asia and include LifeStyle brands such as Diamond Sofa, Colorful World, Giorgio Mobili, Nova QwiK, and Bright Swallow International. Nova's products feature urban contemporary styles that integrate comfort and functionality incorporating upscale luxury designs appealing to LifeStyle-conscious middle and upper middle-income consumers in the U.S., China, Europe, and elsewhere in the world. To learn more about Nova LifeStyle, Inc., please visit our website at www.NovaLifeStyle.com.
Safe Harbor Statement
All statements in this press release that are not historical are forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There can be no assurance that actual results will not differ from the Company's expectations. You are cautioned not to place undue reliance on any forward-looking statements in this press release as they reflect Nova's current expectations with respect to future events and are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Potential risks and uncertainties include, but are not limited to, the risks described in Nova's filings with the Securities and Exchange Commission.
Company Contact: INVESTOR RELATIONS: The Equity Group Inc. In U.S. Adam Prior, Senior Vice President +1 (212) 836-9606 firstname.lastname@example.org In China Katherine Yao, Senior Associate +86-10-6587-6435 email@example.com
Source:Nova LifeStyle, Inc.