LOS ANGELES, July 27, 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 Special Committee formed by the Company's Board of Directors on July 23, 2015 has engaged China Everbright Securities International Ltd., a subsidiary of Everbright Securities and China Everbright Ltd. ("Everbright"), one of the largest investment banks in Mainland China and Hong Kong, as Financial Advisor to explore strategic options and potentially unlock significant value for the Company's current shareholders.
Specifically, Everbright will advise the Company with respect to potential opportunities in capital markets in Hong Kong and mainland China, where companies in similar industries to Nova LifeStyle generally trade at high double-digit earnings multiples.
Nova LifeStyle, Inc. will continue to operate its normal course of business as a NASDAQ listed company while the Company evaluates and pursues its various strategic options in the near future.
On June 30, 2015, the Company announced that it formed a special committee to consider potential opportunities following the receipt of inquiry letters from certain funds and securities firms that have indicated an interest in investing in the Company.
Under the guidance of Everbright, Nova LifeStyle, Inc. remains open to all strategic options that would potentially significantly enhance shareholder value.
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
About China Everbright Securities International
China Everbright Securities International Ltd. is a subsidiary of Everbright Securities Company Limited (Shanghai Stock Exchange: 601788) and an associate company of China Everbright Limited (Hong Kong Stock Exchange, Stock Code: 165). Established in 1997, the Company fully leverages its position as a leading provider of cross-border financial services in Mainland China and Hong Kong with its prudent operation and financial strength. China Everbright Securities International focuses on developing investment banking (corporate finance) and securities brokerage to institutions and retail clients.
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.