Nova LifeStyle Announces Expansion of Products
19 Dezember 2019 - 1:30PM
Nova LifeStyle, Inc. (NASDAQ:
NVFY) (“Nova
LifeStyle” or the “Company”) today announced that the Company has
increased the number of products to be offered in 2020 by 25%, and
up to 40% in certain furnishing categories.
As a result of the Company’s ongoing efforts to source products
manufactured to the Company’s specifications in locations other
than China, all of these new products are being manufactured in
India and Malaysia. The Company continues to expand its product
offerings, and to source additional manufacturing arrangements
outside China to minimize the impact of the US-imposed tariffs on
products manufactured in China and to diversify the Company’s
sourcing base. The Company also announced that its 2020 new product
debut will take place at the Las Vegas Market show scheduled for
January 26-30, 2020.
Tawny Lam, CEO of Nova LifeStyle stated: “Since the beginning of
2019, the Company has focused on marketing lower volume but high
margin products. We are pleased to observe that the Company’s Q3
2019 net sales more than doubled our Q2 2019 net sales. We believe
such quarter to quarter revenue increases reflect the market’s
acceptance of our new and higher margin products. The Company
anticipates the growth momentum to continue well into 2020.”
Diamond Sofa, a well-known brand of Nova has rapidly expanded
overseas production sources in the Far East, facilitating the
introduction of numerous new products. New product introductions,
debuting in 2020, are set to expand the Company’s product offerings
by a record 40% in certain home furnishings categories under the
“Diamond Sofa” brand, with new designs featuring raw, natural
materials enhanced with expert handmade craftsmanship. For the
second year in a row, the Las Vegas Market has featured one of
Diamond Sofa’s new lines – the Simone collection – as part of its
“First Look” program. Such exposure has led to product displays in
highly visible entertainment industry events such as the 2019
Academy Awards, 2019 Emmy Awards, and the upcoming 77th annual
Golden Globes on January 5, 2020.
Diamond Sofa is the premier one-stop source of contemporary home
furnishings for a wide customer base of brick and mortar,
e-commerce, staging professionals and designers that value the
brand’s ability to deliver on value, rich and trendy
selections.
About Nova LifeStyle
Nova LifeStyle, Inc. is a well-established, innovative designer
and distributor of modern lifestyle furniture; primarily sofas,
dining room furniture, cabinets, office furniture and related
components, bedroom furniture, and various accessories, in matching
collections. Nova's family of brands include Diamond Sofa and
Bright Swallow. Nova's products feature urban contemporary styles
that integrate comfort and functionality, incorporating upscale
luxury designs which appeal to middle and upper middle-income
consumers in the USA, China, Europe, and elsewhere in the
world.
Visit Nova LifeStyle's website
at www.NovaLifeStyle.com.
Forward-Looking Statements
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including our financial targets for our consolidated adjusted
EBITDA and free cash flow, our expected future growth prospects and
our exploration of acquisition opportunities. All statements other
than statements of historical fact are, or may be deemed to be,
forward-looking statements. In some cases, forward-looking
statements can be identified by the use of forward-looking terms
such as “anticipate,” “estimate,” “believe,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,”
“expect,” “objective,” “projection,” “forecast,” “goal,”
“guidance,” “outlook,” “effort,” “target,” “trajectory” or the
negative of these terms or other comparable terms. However, the
absence of these words does not mean that the statements are not
forward-looking. These forward-looking statements are based on
certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances.
Investor Relations Contact Andrew Barwicki 516-662-9461
andrew@barwicki.com ir@novalifestyle.com
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