LOS ANGELES, Dec. 3, 2015 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ:NVFY) ("Nova LifeStyle" or the "Company"), a U.S. based fast-growing, innovative designer, manufacturer and distributor of modern LifeStyle furniture, today announced that the Company has signed a strategic alliance agreement with (China) Shanxi Wanqing Senior Care Service, Group ("Shanxi Wanqing"), a senior care service, senior care home and hotel development company, to operate as its exclusive supplier for furniture design and manufacturing.
Shanxi Wanqing plans to invest a total amount of 3.0 billion RMB (USD $460 Million) to build a major senior care center in Luoyang, Henan province in China, and Nova LifeStyle will operate as the lead designer and manufacturer for all furnishings in the complex. Shanxi Wanqing is managing the project in conjunction with Luoyang Glass Company Limited ("Luoyang Glass"), a well-regarded, publicly traded state-owned enterprise that listed in both Shanghai and Hong Kong Exchange that manufactures and sells sheet glass in over 80 countries throughout the world.
The center will operate as a modern, state-of-the-art senior care hub in the fifth largest provincial economy of China, comprising of housing, entertainment, and medical facilities spread over 329.5 acres. Construction at the property has already commenced, which consists of individual homes, and the rest of the project will continue throughout 2016. The companies will also collaborate on marketing initiatives, customer service, and product promotion in China in the coming year. Nova LifeStyle is the first American Brand furnishing solution provider to be included on a construction project of this scale in China.
Management Commentary
Mr. Jeffrey Wong, CEO of Nova LifeStyle, stated, "We are very pleased to sign an exclusive agreement to partner with Shanxi Wanqing and work with a well-regarded company such as Luoyang Glass, and support their plans for a modernized health care center in China. Partnerships with well-capitalized companies such as Shanxi Wanqing and Luoyang Glass are critical to increase our exposure in new markets, such as health care, and generate significant long-term revenue opportunities for the Company. With our ability to secure such agreements, we can better align ourselves with the type of large-scale projects that will re-shape modern China in the decades to come."
Ms. Shengming Wu, CEO of Shanxi Wanqing, commented, "We are pleased to partner with Nova LifeStyle, as we believe that both companies share the same vision of providing quality lifestyle solutions for China's elderly. According to the China Research Center on Aging, nearly 15% of the country's population, over 200 million people, are 60 or older and the Chinese government remains at the forefront of modernizing health care options within China. We look forward to collaborating with Nova LifeStyle in the years to come."
About Shanxi Wanqing Senior Care Service, Group
To learn more about Shanxi Wanqing, please visit its website at http://www.wanqing-group.com/.
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.