LOS ANGELES, June 30, 2015 /PRNewswire/ -- Nova
LifeStyle, Inc. (NASDAQ: NVFY) ("Nova LifeStyle" or the "Company"),
a U.S.-based, innovative designer, manufacturer and distributor of
modern LifeStyle furniture, today announced that the Company's
Board of Directors (the "Board") formed a special committee (the
"Special Committee") on June 24, 2015
to consider potential opportunities following the receipt of
inquiry letters from certain funds and securities industry firms
that have indicated an interest in investing in the Company.
The Special Committee will consist of Mr. Sammy Ho, Nova LifeStyle's CFO, and four
Independent Directors, who will evaluate these opportunities and
explore them further with these potential investors and/or their
representatives. These inquiries that the Company has received are
preliminary and not specific.
Mr. Jeffrey Wong, Chief Executive
Officer of Nova LifeStyle, stated, "Following the receipt of
certain inquiries from investors, our Board felt that the formation
of a Special Committee would ensure proper corporate independence
to evaluate these opportunities. These evaluations are in the
early stages, and we will continue to keep our shareholders
apprised of any developments and remain transparent throughout the
process."
Gang Cheng, head of M&A Department of Everbright Securities
Co., Ltd, a subsidiary of the China Everbright Group also stated,
"With the booming China stock
market, China's capital market is
becoming more and more active, and companies with new concepts like
Nova LifeStyle are favored by investors."
Nova LifeStyle's Board cautions the Company's shareholders and
others considering trading in the Company's securities that no
decisions have been made by the Special Committee and there can be
no assurance that any definitive offer will be made, that any
agreement will be executed or that any transaction will be approved
or consummated. The Company does not undertake any obligation to
provide any updates with respect to these inquiries except as
required under applicable law.
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 or download the NVFY IRapp from
the investor page.
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:
Telephone: (323) 888-9999
Email: info@novalifestyle.com
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SOURCE Nova LifeStyle, Inc.