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LOS ANGELES, Jan. 19, 2017 -- Nova LifeStyle, Inc. (NASDAQ:NVFY), a U.S. based fast-growing, innovative designer, manufacturer and distributor of modern LifeStyle furniture, today announced the Company has partnered with www.weilai178.com, an online market site serving more than 2 million customers, which is based on Blockchain payments and Blockchain related technology.
The Company intends to purchase weilai178's membership data system which it will incorporate into its training center platform. This is expected to further drive growth of Nova LifeStyle's e-commerce strategy for the Company’s furniture lines.
This partnership will allow Nova LifeStyle to benefit from an established digital market site, provide products and customer service through e-commerce as well as business training, investing and developing new technologies for the Blockchain industry.
Due to the inherently decentralized nature, Blockchain technology is particularly effective at handling distributed transactions among a large number of parties. Blockchain technology helps to substantially reduce fraud and increase trust with increased security as each transaction is uniquely encoded via cryptography and this encoding is validated by other parties of the Blockchain.
Tawny Lam, President and Interim CEO of Nova LifeStyle stated, “Nova LifeStyle is pleased to be able to initiate sales and services efforts to millions of existing Blockchain customers, which provides a natural evolution of our e-commerce strategy. This partnership will substantially help Nova to gain additional revenue growth while concurrently reducing the transaction costs. This business arrangement marks an important milestone in Nova's corporate history and our successful transition into a company utilizing Blockchain-based technology."
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] In China Katherine Yao, Senior Associate +86-10-6587-6435 [email protected]
