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Nova LifeStyle Launches Blockchain-Based Site to Enhance E-Commerce Strategy

LOS ANGELES, Jan. 24, 2017 (GLOBE NEWSWIRE) -- 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 launched an e-commerce market site called "Nova Mart," www.nova-mart.com, an online transactional platform for merchants from all over the world to display and offer their products and services based on Blockchain technology.

As previously announced, Nova is in the process of completing the acquisition of the customer base of an established, highly profitable e-commerce website www.weilai178.com, which currently serves more than 2 million customers in Asia and elsewhere. Nova intends to incorporate its large user base into Nova Mart. The Company intends to include it’s successful furniture product line as one of the product offerings on the Nova digital market site.

By owning and operating Nova Mart, Nova expects to enhance its e-commerce strategy by introducing the "asset light" Blockchain technology-based site to the Company’s established customer base. Nova Mart expects to offer a large variety of products to its members, including business services, direct marketing, and executive and business training.

Blockchain technology and related payment processes have gained popularity among Nova's customers. Nova intends to benefit from an established digital market site while also offering enhanced customer services through e-commerce as well as business training, investing and the development of new technologies for the Blockchain industry. Blockchain technology is particularly effective at handling distributed transactions among a large number of parties and is thus well-suited for such a platform.

Tawny Lam, President and Interim CEO of Nova LifeStyle commented, “Today's announcement marks an additional growth initiative by Nova to tap into this fast-growing industry incorporating Blockchain technology. Beginning this month, the Nova Future Tech Business School in Hong Kong will be fully operational, offering professional network training courses of Crypto-Assets Blockchain Adoption Application. Once the acquisition of weilai178.com’s membership data system is complete, the Company has a goal of registering over 5,000 members per month for the professional business training platform, which would positively impact the Company’s sales and revenue.

About Nova LifeStyle

Nova LifeStyle, Inc., a NASDAQ Global Market listed company headquartered in California, owns and operates Nova Mart, www.nova-mart.com, a Blockchain technology based e-commerce platform that offers a large variety of products and services to millions of customers worldwide. 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

In China
Katherine Yao, Senior Associate
+86-10-6587-6435
kyao@equityny.com

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Distribution channels: Furniture & Woodworking Industry