Nova LifeStyle Announces Entry Into High Margin, Service Oriented E-Commerce Business
09 November 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 the Company has made a strategic entry
into a high margin, service oriented, e-commerce business through
its partnership with Inno International Trading, a Hong Kong-based
company engaged in the business of marketing, monetizing and
exchanging reward points for its millions of existing members and
customers.
Nova LifeStyle and Inno will collaborate in
implementing and managing an Academic E-commerce marketplace and
Reward Points Redemption Program, providing an online platform for
Inno's members to monetize and exchange their reward points for
various merchandise and services, including Nova LifeStyle’s
products. The Company has established an integrated training center
in Hong Kong to service Inno's customers.
On October 11, 2016, Nova Lifestyle announced in
a press release its planned strategic realignment, transforming the
Company from a marketing and designer of modern furniture to focus
on high margin, less capital intensive, service-oriented business
segments, focusing on business training and e-commerce.
Beginning this quarter, the Company anticipates
significant portions of its sales and earnings will be earned from
high growth, high margin business training and e-commerce related
services.
Tawny Lam, President and Interim CEO of Nova
LifeStyle stated, “We are excited to announce a strategic
partnership with Inno International Trading. Today's press
release marks Nova's first step in our transformation to a high
margin, asset-light, service company. Millions of customers hold
reward points - the same concept as in airline miles or points
earned through credit card spending. There are also merchants eager
to offer their products to these customers. Nova Lifestyle is
positioning itself as a marketplace where reward points can be
matched with merchandise, producing tangible benefits for
Asia-based members. The Company shall derive training and service
related fees from these efforts."
About Inno International
Trading- Inno International Trading, a Hong Kong-based
company engaged in the business of marketing, monetizing and
exchanging reward points for its millions of existing members and
customers.
P - 852 5261 0806E -
innotradeltd@gmail.comMobile app - Inno Trading
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. In November 2016,
Nova Lifestyle announced entry into asset-light e-commerce and
service related businesses. 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
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