LOS ANGELES, July 27, 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
Special Committee formed by the Company's Board of Directors on
July 23, 2015 has engaged China
Everbright Securities International Ltd., a subsidiary of
Everbright Securities and China Everbright Ltd.
("Everbright"), one of the largest investment banks in Mainland
China and Hong Kong, as Financial
Advisor to explore strategic options and potentially unlock
significant value for the Company's current shareholders.
Specifically, Everbright will advise the Company with respect to
potential opportunities in capital markets in Hong Kong and mainland China, where companies in similar industries
to Nova LifeStyle generally trade at high double-digit earnings
multiples.
Nova LifeStyle, Inc. will continue to operate its normal course
of business as a NASDAQ listed company while the Company evaluates
and pursues its various strategic options in the near future.
On June 30, 2015, the Company
announced that it formed a special committee to consider potential
opportunities following the receipt of inquiry letters from certain
funds and securities firms that have indicated an interest in
investing in the Company.
Under the guidance of Everbright, Nova LifeStyle, Inc. remains
open to all strategic options that would potentially significantly
enhance shareholder value.
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
About China Everbright Securities International
China Everbright Securities International Ltd. is a subsidiary
of Everbright Securities Company Limited (Shanghai Stock Exchange:
601788) and an associate company of China Everbright Limited (Hong
Kong Stock Exchange, Stock Code: 165). Established in 1997, the
Company fully leverages its position as a leading provider of
cross-border financial services in Mainland China and Hong Kong with its prudent operation and
financial strength. China Everbright Securities International
focuses on developing investment banking (corporate finance) and
securities brokerage to institutions and retail clients.
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
aprior@equityny.com
In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com
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SOURCE Nova LifeStyle, Inc.