LOS ANGELES, June 30, 2015 /PRNewswire/ -- Nova LifeStyle, Inc. (NASDAQ: NVFY) ("Nova LifeStyle" or the "Company"), a U.S.-based, innovative designer, manufacturer and distributor of modern LifeStyle furniture, today announced that the Company's Board of Directors (the "Board") formed a special committee (the "Special Committee") on June 24, 2015 to consider potential opportunities following the receipt of inquiry letters from certain funds and securities industry firms that have indicated an interest in investing in the Company.
The Special Committee will consist of Mr. Sammy Ho, Nova LifeStyle's CFO, and four Independent Directors, who will evaluate these opportunities and explore them further with these potential investors and/or their representatives. These inquiries that the Company has received are preliminary and not specific.
Mr. Jeffrey Wong, Chief Executive Officer of Nova LifeStyle, stated, "Following the receipt of certain inquiries from investors, our Board felt that the formation of a Special Committee would ensure proper corporate independence to evaluate these opportunities. These evaluations are in the early stages, and we will continue to keep our shareholders apprised of any developments and remain transparent throughout the process."
Gang Cheng, head of M&A Department of Everbright Securities Co., Ltd, a subsidiary of the China Everbright Group also stated, "With the booming China stock market, China's capital market is becoming more and more active, and companies with new concepts like Nova LifeStyle are favored by investors."
Nova LifeStyle's Board cautions the Company's shareholders and others considering trading in the Company's securities that no decisions have been made by the Special Committee and there can be no assurance that any definitive offer will be made, that any agreement will be executed or that any transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to these inquiries except as required under applicable law.
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. To learn more about Nova LifeStyle, Inc., please visit our website at www.NovaLifeStyle.com or download the NVFY IRapp from the investor page.
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.
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SOURCE Nova LifeStyle, Inc.