LOS ANGELES, Jan. 27, 2015 /PRNewswire/ -- Nova LifeStyle, Inc. (NASDAQ-GM: 'NVFY'), a U.S.-based fast growing, innovative designer, manufacturer and distributor of modern LifeStyle furniture, today announced that IKEA, the privately owned Swedish furniture seller, will be adding four additional SKUs to its existing production agreement with Nova LifeStyle, to continue to supply its China stores.
"We are very pleased to announce that we will be manufacturing four additional products for IKEA's China markets," stated Jeffrey Wong, CEO of Nova LifeStyle. "The IKEA team from Sweden expressed their satisfaction and confidence with all aspects of our production, after visiting our manufacturing facility earlier this month. We look forward to working with IKEA as China, due to the tremendous growth of the middle class with expendable incomes, is one of the fastest-growing markets for modern, LifeStyle furniture."
The target for the initial shipment of the four new SKUs will be in the second quarter of this year with an estimate of $4-6M in revenue for these SKU's for the first full year of production.
IKEA, the world's largest furniture chain with global sales estimated at over $38bn annually, owns and operates 350 stores in 43 countries with eight of IKEA's 10 largest stores located in China.
About Nova LifeStyle, Inc.
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.
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.