Niigata Set to Approve Restart of Japan’s Largest Nuclear Power Plant in Major Energy Shift 
Volaris and Viva Agree to Merge, Creating Mexico’s Largest Low-Cost Airline Group 
Seatrium Reaches $475 Million Settlement With Maersk Over Offshore Wind Vessel Project 
Micron Technology Forecasts Surge in Revenue and Earnings on AI-Driven Memory Demand 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
Elon Musk Wins Reinstatement of Historic Tesla Pay Package After Delaware Supreme Court Ruling 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Oracle Stock Surges After Hours on TikTok Deal Optimism and OpenAI Fundraising Buzz 
Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
7-Eleven CEO Joe DePinto to Retire After Two Decades at the Helm 
Trump Signals Push for Lower Health Insurance Prices as ACA Premium Concerns Grow 
Bridgewater Associates Plans Major Employee Ownership Expansion in Milestone Year 
LOS ANGELES, Oct. 10, 2016 -- Nova LifeStyle, Inc. (NASDAQ:NVFY) (“Nova LifeStyle” or the “Company”), a U.S.-based, leading innovative designer, manufacturer and distributor of modern life style furniture, today announced that Mr. Ya Ming “Jeffrey” Wong has resigned as Chief Executive Officer (“CEO”) in order to pursue other opportunities. Before his resignation, Mr. Wong’s primary responsibilities at the Company was to operate and oversee manufacturing facilities and business in mainland China. Mr. Wong’s departure was not due to any disagreements with the Company or Board of Directors and was a voluntary decision resulting from the Company’s recent agreement to sell its China-based business. The Board of Directors has appointed Company Chairperson and President Ms. Tawny Lam to serve as Interim CEO.
Ms. Lam stated, "On behalf of the Board, I would like to thank Jeffrey for his leadership and commitment in helping us build Nova LifeStyle into the company it is today. With the impending sale of our China business we appreciate Jeffrey’s desire to seek other opportunities and we wish him well in his future endeavors. I would also like to thank the Board of Directors for its support in electing me Interim CEO and I am excited to continue building our e-Commerce business and distribution center in North America.”
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.
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]
