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Nova LifeStyle Announces Leadership Change

Transition Anticipated Following Recent Sale of its China-based Subsidiaries

LOS ANGELES, Oct. 10, 2016 (GLOBE NEWSWIRE) -- 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
aprior@equityny.com

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Distribution channels: Furniture & Woodworking Industry