LOS ANGELES, Sept. 14, 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 on May 18, 2016 the Company entered into employment agreements with three designers (Mr. Xie Bin, Mr. Yang Xing and Ms. E Zhao) pursuant to which the Company agreed to issue 120,000 restricted shares per year to each of the designers. The employment agreements with the three new employees each have a two-year term. The awards were made pursuant to the NASDAQ inducement grant exception as a component of our new hires’ employment compensation. Nova LifeStyle places great emphasis on the consistent introduction of innovative, contemporary designs as integral elements of the Company’s branding. In order to maintain the flow of fresh designs, Company leadership views equity awards as a valuable tool in attracting top design talent.
The inducement grants were approved by Nova LifeStyle’s Compensation Committee on January 29, 2016 and are being made as an inducement material to each employee’s acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4).
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 U.S., 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 or download the NVFY IRapp from the investor page.
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.
CONTACT: 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]