LOS ANGELES - Nova LifeStyle, Inc. (NASDAQ-GM: 'NVFY'), a U.S.-based fast growing, innovative designer, manufacturer and distributor of modern LifeStyle furniture, today announced the signing of an agreement to furnish the new offices of Ping An Insurance Group of China, Ltd. ("Ping An"). The first shipment of the initial, first-year commitment is en-route with the second shipment currently in production.
Ping An, ranked at number 62 on Forbes Global 2000 list of the largest companies in the world, is engaged in providing integrated financial services within three core businesses of life insurance, property & casualty insurance and banking, securities and corporate insurance. With over 200,000 employees, Ping An is publicly traded on both the Hong Kong and the Shanghai Stock Exchanges and is an industry leader, posting consolidated total assets of RMB3.36 trillion as at December 31, 2013.
"We are very excited to have completed this contract with Ping An," stated Tawny Lam, President of Nova LifeStyle, Inc. "Furnishing their new offices in Dongguan is a key step forward towards increasing our China sales and furthering our company's current growth initiatives."
"Ping An has plans to expand further in China providing additional opportunity for Nova LifeStyle beyond the current contract," commented Jeffrey Wong, CEO, Co-Founder of Nova LifeStyle, Inc., "This represents another avenue of growth for us as we expand further into the higher-margin commercial China market; a market we will continue to pursue."
About Nova LifeStyle, Inc.
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.
Source: Nova LifeStyle
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