Nova LifeStyle Signs Exclusive Agreement to Furnish Leading Chinese Senior Care Center
03 Dezember 2015 - 1:00PM
Nova LifeStyle, Inc. (NASDAQ:NVFY)
("Nova
LifeStyle" or the "Company"), a U.S. based fast-growing,
innovative designer, manufacturer and distributor of modern
LifeStyle furniture, today announced that the Company has signed a
strategic alliance agreement with (China) Shanxi Wanqing Senior
Care Service, Group ("Shanxi Wanqing"), a senior care service,
senior care home and hotel development company, to operate as its
exclusive supplier for furniture design and manufacturing.
Shanxi Wanqing plans to invest a total amount of 3.0 billion RMB
(USD $460 Million) to build a major senior care center in Luoyang,
Henan province in China, and Nova LifeStyle will operate as the
lead designer and manufacturer for all furnishings in the complex.
Shanxi Wanqing is managing the project in conjunction with
Luoyang Glass Company Limited ("Luoyang Glass"), a well-regarded,
publicly traded state-owned enterprise that listed in both Shanghai
and Hong Kong Exchange that manufactures and sells sheet glass in
over 80 countries throughout the world.
The center will operate as a modern, state-of-the-art senior
care hub in the fifth largest provincial economy of China,
comprising of housing, entertainment, and medical facilities spread
over 329.5 acres. Construction at the property has already
commenced, which consists of individual homes, and the rest of the
project will continue throughout 2016. The companies will also
collaborate on marketing initiatives, customer service, and product
promotion in China in the coming year. Nova LifeStyle is the
first American Brand furnishing solution provider to be included on
a construction project of this scale in China.
Management Commentary
Mr. Jeffrey Wong, CEO of Nova LifeStyle, stated, "We are very
pleased to sign an exclusive agreement to partner with Shanxi
Wanqing and work with a well-regarded company such as Luoyang
Glass, and support their plans for a modernized health care center
in China. Partnerships with well-capitalized companies such as
Shanxi Wanqing and Luoyang Glass are critical to increase our
exposure in new markets, such as health care, and generate
significant long-term revenue opportunities for the Company.
With our ability to secure such agreements, we can better
align ourselves with the type of large-scale projects that will
re-shape modern China in the decades to come."
Ms. Shengming Wu, CEO of Shanxi Wanqing, commented, "We are
pleased to partner with Nova LifeStyle, as we believe that both
companies share the same vision of providing quality lifestyle
solutions for China's elderly. According to the China Research
Center on Aging, nearly 15% of the country's population, over 200
million people, are 60 or older and the Chinese government remains
at the forefront of modernizing health care options within China.
We look forward to collaborating with Nova LifeStyle in the years
to come."
About Shanxi Wanqing Senior Care Service,
Group
To learn more about Shanxi Wanqing, please visit its website
at http://www.wanqing-group.com/.
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.
CONTACT: 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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