LOS ANGELES, Jan. 27, 2015 /PRNewswire/ -- Nova LifeStyle,
Inc. (NASDAQ-GM: 'NVFY'), a U.S.-based fast growing, innovative
designer, manufacturer and distributor of modern LifeStyle
furniture, today announced that IKEA, the privately owned Swedish
furniture seller, will be adding four additional SKUs to its
existing production agreement with Nova LifeStyle, to continue to
supply its China stores.
"We are very pleased to announce that we will be manufacturing
four additional products for IKEA's China markets," stated Jeffrey Wong, CEO of Nova LifeStyle. "The IKEA
team from Sweden expressed their
satisfaction and confidence with all aspects of our production,
after visiting our manufacturing facility earlier this month.
We look forward to working with IKEA as China, due to the tremendous growth of the
middle class with expendable incomes, is one of the fastest-growing
markets for modern, LifeStyle furniture."
The target for the initial shipment of the four new SKUs will be
in the second quarter of this year with an estimate of $4-6M in revenue for these SKU's for the first
full year of production.
IKEA, the world's largest furniture chain with global sales
estimated at over $38bn annually,
owns and operates 350 stores in 43 countries with eight of IKEA's
10 largest stores located in
China.
About Nova LifeStyle, Inc.
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.
Investor Contact:
KCSA Strategic Communication
Julie Silber
Tel: (212) 896-1225
jsilber@kcsa.com
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SOURCE Nova LifeStyle, Inc.