Nova LifeStyle Continues to Leverage New Market Opportunities in Dubai and Australia
23 Juni 2016 - 1:45PM
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 key achievements in furthering the
Company’s export market business in Dubai and Australia. The
Company is focused on growing these market opportunities in order
to diversify its business relative to its larger markets in North
America, China, and Europe.
Key recent developments of note include:
- A big hotel project in Dubai has started production. In
addition, the Company’s customer has begun construction of a second
project which offers Nova LifeStyle an opportunity to win
additional business with the customer.
- Double Tree and Marriott hotel projects are in the early stages
of production and represent significant business potential for Nova
LifeStyle. At this stage, the Company has five projects
ongoing and an additional one in Australia in the negotiation
stage.
- Nova LifeStyle will participate in the Home Show of Harvey
Norman Australia in July 2016 which is a private in-house
exhibition only for Harvey Norman buyers. Harvey Norman is a
leading retailer in Australia selling a range of products,
including home furnishings.
- Nova LifeStyle is evaluating the opening of its own showroom in
Dubai which would highlight furnishings for hotel projects in the
area. With more than 15 hotel projects under development Nova
LifeStyle has significant opportunity to win business in Dubai and
would likely operate the showroom in a joint venture structure with
one of its partners from the Dragon Mall project in Dubai.
Jeffrey Wong, CEO of Nova LifeStyle, stated, "By
expanding our business in areas such as Dubai and Australia we gain
multiple benefits. In Dubai there are more than 15 hotel
projects under development, offering our Company many opportunities
to win significant business. Hotel projects require much more
furniture pieces than a residential home, as one would
expect. Winning hotel contracts will enable us to accelerate
our top line growth with the added benefit of better payment terms
which will allow us to tighten up our receivables. In
addition, by growing our business in Dubai and also Australia we
will further diversify our operations, providing the Company a
valuable buffer against weak economic activity in any one
region.”
For more information on Nova LifeStyle products
and brands please visit http://www.novalifestyle.com or
http://www.diamondsofa.com.
About Harvey NormanFounded in 1982, Harvey
Norman is an Australia-based multiline retailer with sales in
multiple southeast Asian countries. The Company is listed on
the Australian Stock Exchange (ASX:HVN) and operated 280
company-owned and franchised stores as of 2016. The Company
sells a wide variety of products, including electronics,
appliances, and home furnishings. For more information on
Harvey Norman please visit
http://www.harveynormanholdings.com.au/.
About Nova LifeStyleNova 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 StatementAll
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
Nova Lifestyle (NASDAQ:NVFY)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Nova Lifestyle (NASDAQ:NVFY)
Historical Stock Chart
Von Jul 2023 bis Jul 2024