Nova LifeStyle Announces Expansion of Products
New Product Sourcing Arrangements in the Far East, and the Debut of its 2020 New Collection at Las Vegas Market Show
LOS ANGELES, Dec. 19, 2019 (GLOBE NEWSWIRE) -- 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 .
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.
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