LOS ANGELES, March 31, 2017 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (Nasdaq:NVFY) or (the
“Company”), a U.S. based fast-growing, innovative provider of modern lifestyle products and services today announced that the
Company will be delaying the filing of its Annual Report on Form 10-K for the year ended December 31, 2016 ("Form 10-K"). We
will file Form 10-K as soon as possible but no later than the fifteenth calendar day following the due date as available to the
Company from the extension. The Company will file for an extension due to additional time and work needed to prepare annual
report Form 10-K in relation to the Company’s sale of China based assets in 2016, but does not anticipate any material changes on
its operating results for the fourth quarter and year ended December 31, 2016. The audit is substantially completed but the auditor
requires additional time to complete their final review procedures and deliver their audit opinion.
The Company expects to issue the press release announcing these results prior to the opening of the stock market
on April 12, 2017.
About Nova LifeStyle
Nova LifeStyle, Inc., a NASDAQ Global Market 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 LifeStyle
also owns and operates Nova-Mart, www.nova-mart.com, a Blockchain technology based
transaction platform that offers a large variety of products and services to millions of customers worldwide. Visit Nova's website:
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
