LOS ANGELES, Nov. 09, 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 the Company has made a strategic entry into a high margin, service oriented, e-commerce business through its partnership with Inno International Trading, a Hong Kong-based company engaged in the business of marketing, monetizing and exchanging reward points for its millions of existing members and customers.
Nova LifeStyle and Inno will collaborate in implementing and managing an Academic E-commerce marketplace and Reward Points Redemption Program, providing an online platform for Inno's members to monetize and exchange their reward points for various merchandise and services, including Nova LifeStyle’s products. The Company has established an integrated training center in Hong Kong to service Inno's customers.
On October 11, 2016, Nova Lifestyle announced in a press release its planned strategic realignment, transforming the Company from a marketing and designer of modern furniture to focus on high margin, less capital intensive, service-oriented business segments, focusing on business training and e-commerce.
Beginning this quarter, the Company anticipates significant portions of its sales and earnings will be earned from high growth, high margin business training and e-commerce related services.
Tawny Lam, President and Interim CEO of Nova LifeStyle stated, “We are excited to announce a strategic partnership with Inno International Trading. Today's press release marks Nova's first step in our transformation to a high margin, asset-light, service company. Millions of customers hold reward points - the same concept as in airline miles or points earned through credit card spending. There are also merchants eager to offer their products to these customers. Nova Lifestyle is positioning itself as a marketplace where reward points can be matched with merchandise, producing tangible benefits for Asia-based members. The Company shall derive training and service related fees from these efforts."
About Inno International Trading- Inno International Trading, a Hong Kong-based company engaged in the business of marketing, monetizing and exchanging reward points for its millions of existing members and customers.
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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. In November 2016, Nova Lifestyle announced entry into asset-light e-commerce and service related businesses. 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.