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LOS ANGELES, May 10, 2017 -- Nova LifeStyle, Inc. (NASDAQ:NVFY) or (the “Company”), a U.S. based innovative provider of modern LifeStyle products and services, announced today that the Company intends to begin accelerating the use of Blockchain technology to further enhance the brand recognition of Nova’s traditional furniture business while also creating a platform to offer other potential products and services. The Company believes that the integration of Blockchain into the current business model is essential to the future growth of Nova LifeStyle. With the recent launch of nova-mart.com, Nova LifeStyle is in the process of incorporating a Blockchain-based loyalty rewards system as an addition to the current furniture business in the coming months.
The Company has been successfully building its brand recognition in the United States, with its “Diamond Sofa” brand having been in the furniture business since 1992 and currently sells to the top 100 furniture companies. The Company believes in promoting an entire lifestyle, not just selling furniture, and a transparent and recognizable platform that leverages Blockchain technology provides an appropriate vehicle to expand the network even further.
Nova 2017 Blockchain Highlights / Growing Market Acceptance
The decision to integrate Blockchain technology and training into Nova LifeStyle’s business has already proved worthwhile as the Company recorded a record 2,000 sign-ups for classroom-based Blockchain programs during the month of March 2017, building on the success seen in February. In response to the record number of sign-ups, Nova LifeStyle has opened another new facility in Kwun Tong, Hong Kong, to accommodate the influx of students and will continue to evaluate additional opportunities for demand-driven expansion.
Underlying Nova’s embrace of Blockchain technology is increasing market acceptance, such as the incorporation of Blockchain technologies in order to help fuel innovation in the loyalty award program arena. Given its corporate focus on innovation and trend-setting, Nova LifeStyle joins a long list of companies, including Tencent Holdings, Deloitte, IBM, Lockheed Martin and Microsoft, that are embracing Blockchain technology as a way to enhance their businesses while also furnishing their appeal to a variety of consumers.
Management Commentary
“We feel that Blockchain technology is the next major advancement in business and we want to take full advantage of this opportunity,” said Tawny Lam, Nova LifeStyle’s Chief Executive Officer. “We believe that with this rewards based system, we will successfully utilize Blockchain technology as another way to help grow the Company. Embracing new, emergent technologies is very much in keeping with our corporate emphasis on innovation and trend-setting and we expect the inclusion of Blockchain programs to help accelerate our revenues.”
About Nova LifeStyle
Nova LifeStyle, Inc., a NASDAQ Global Market 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 LifeStyle also owns and operates Nova-Mart, www.nova-mart.com, a Blockchain technology based transaction platform that offers a large variety of products and services to millions of customers worldwide. Visit Nova's website: www.NovaLifeStyle.com.
Safe Harbor Statement
All 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 [email protected] In China Katherine Yao, Senior Associate +86-10-6587-6435 [email protected]
