Nova LifeStyle, Inc. ( OTCQB : STVS ) (website: www.novalifestyle.com), a rapidly growing U.S. based designer, manufacturer and global distributor of urban contemporary furniture, today reported it has completed construction of an over 162,000 square foot state of the art furniture factory adjacent to its existing factory in Dongguan, which will be utilized to manufacture products in fulfillment of its previously announced agreement with IKEA, the world's largest furniture store.
$20-$25 Million in New Revenues in 2013
The Company said the facility is now in a final testing phase which should be completed in a few weeks and permit production to begin to ramp up slightly ahead of schedule in December this year. Under the terms of its agreement with IKEA, the Company anticipates revenues of between $20-$25 million in the first full year of operation for the new facility, primarily from the production of pigment lacquer furniture for IKEA stores throughout China.
Meeting IKEA's High Standards
Mr. Jeffrey Wong, CEO and Chairman of Nova LifeStyle, commented, "We feel very privileged to have been selected by IKEA as one of its OEM manufacturers, as they are widely recognized for setting the bar in our industry for sophisticated, high quality manufacturing. Being able to meet their very high standards enhances our already strong reputation as a quality manufacturer and should further strengthen our ability to attract new customers from among the world's leading furniture retailers."
About Nova LifeStyle, Inc.
Nova LifeStyle, Inc., a U.S. company headquartered in California, is a fast growing, innovative designer and manufacturer of modern LifeStyle furniture, primarily sofas, dining rooms, cabinets and bedrooms in matching collections. Nova's products are made in the U.S and Asia. Nova's collections of LifeStyle furniture brands include Diamond Sofa (www.diamondsofa.com), Colorful World, Giorgio Mobili and others. Nova's products feature urban contemporary styles with comfort and functionality and 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 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.