Nova LifeStyle, Inc. Signs Framework Agreement to Supply Products to a Hong Kong and Malaysian Company
11 Oktober 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 it has signed a $15 million annual
product framework agreement to supply U.S. made mattresses and
other products to a leading Hong Kong and Malaysia-based
professional training institute - The Future Biz School,
www.futurebizschool.com. The Future Biz School provides management
and marketing training to working professionals across Asia based
on its successful "Reward Points" programs. The actual sales under
the framework agreement will be subject to, and fulfilled by, the
specific orders from the Future Biz School (“FBS”). Along
with the execution of the framework agreement, the Company has
received firm orders from FBS for October and November of 2016 to
supply $2 million worth of products.
Nova started to market "Made in the USA" luxury
mattresses in Asia in summer 2012. An article in the
Los Angeles Business Journal, entitled "Foreign
Exchange," featured the Company’s marketing efforts to sell
American made mattresses in China. The article can be accessed at:
http://novalifestyle.com/20120911
Ms. Tawny Lam, Nova LifeStyle's Chairwoman and
interim CEO stated, "We are very pleased to see growing demand in
Asian markets for our American made mattresses as our marketing
efforts start to bear fruit. We look forward to working with
the Future Biz School to fulfill current and future orders under
the framework agreement. Nova LifeStyle is making a strategic
realignment to its overall business model, transforming the Company
from an asset-heavy, market leader in modern furniture and
manufacturing, to focus on business training and e-commerce as well
as other higher margin, less capital intensive and more efficient
business models. Nova LifeStyle has many years of expertise
in the e-commerce market. The Company plans to pursue and invest in
strategic growth opportunities including acquisitions of online
platforms of synergistic value. Nova LifeStyle intends to acquire
and invest in digital platforms that match suppliers with buyers in
both products and services."
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
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