Nova LifeStyle, Inc. Announces $2 Million Share Repurchase Program
June 11 2019 - 7:00AM
Nova LifeStyle, Inc. (NASDAQ:
NVFY)(“Nova
LifeStyle” or the “Company”) announced today that, on June 4, 2019,
its Board of Directors has approved and authorized an 10b-18 share
repurchase program for the Company to repurchase up to $2 million
shares of its common stock (the “Shares”) in transactions conducted
through a broker or dealer in compliance with Rule 10b-18
promulgated under the Exchange Act. Nova LifeStyle intends to
fund the repurchases from its more than $40 million existing cash
balance.
“The Board of Directors and management team believe that our
current stock price is substantially undervalued and it is an
attractive investment opportunity for us to repurchase our shares
as an important part of our capital allocation strategy.” said
Tawny Lam, Chairperson and Chief Executive Officer of Nova
LifeStyle.
The share repurchase authorization permits the Shares to be
repurchased from time to time in management's discretion, in
compliance with Rule 10b-18 under the Securities Exchange Act of
1934, as amended. The program is effective as of June 5, 2019. The
timing and number of shares to be repurchased will depend on a
variety of factors, including market conditions (such as price and
trading volume), the Company's working capital requirements,
general business conditions and alternative investment
opportunities. The share repurchase authorization does not obligate
the Company to repurchase any specific number of shares, and may be
suspended or discontinued upon approval of the Board of Directors
of the Company, in compliance with applicable securities laws and
regulations.
About Nova LifeStyle
Nova LifeStyle, Inc., a NASDAQ Global Market listed company
headquartered in California, is a fast growing, innovative designer
and distributor of modern lifestyle furniture; primarily sofas,
dining room furniture, cabinets, office furniture and related
components, bedroom furniture, and various accessories, in matching
collections. Nova's family of brands include Diamond Sofa and
Bright Swallow. Nova's products feature urban contemporary styles
that integrate comfort and functionality, incorporating upscale
luxury designs which appeal to middle and upper middle-income
consumers in the USA, China, Europe, and elsewhere in the world.
Visit Nova LifeStyle's website at www.NovaLifeStyle.com.
Contact:
Investor RelationsNova LifeStyle, Inc.info@novalifestyle.com
Forward-looking Statements
This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including our financial targets for our consolidated adjusted
EBITDA and free cash flow, our expected future growth prospects and
our exploration of acquisition opportunities. All statements other
than statements of historical fact are, or may be deemed to be,
forward-looking statements. In some cases, forward-looking
statements can be identified by the use of forward-looking terms
such as “anticipate,” “estimate,” “believe,” “continue,” “could,”
“intend,” “may,” “plan,” “potential,” “predict,” “should,” “will,”
“expect,” “objective,” “projection,” “forecast,” “goal,”
“guidance,” “outlook,” “effort,” “target,” “trajectory” or the
negative of these terms or other comparable terms. However, the
absence of these words does not mean that the statements are not
forward-looking. These forward-looking statements are based on
certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions and expected future developments, as well as other
factors we believe are appropriate in the circumstances.
These forward-looking statements are subject to known and
unknown risks, uncertainties and assumptions that may cause actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. Factors that might cause or contribute
to a material difference include the risks discussed in our filings
with the SEC and the following: economic conditions generally;
competition and pricing pressures; our relationships with our
customers and our suppliers; our ability to manage collection of
our accounts receivable; our ability to align our investments in
capital assets, including equipment, service centers and
warehouses, to our customers’ demands; our ability to successfully
integrate and realize anticipated synergies, cost savings and
profit improvement opportunities with respect to acquired
companies; our ability to develop and implement suitable
information technology systems and prevent failures in or breaches
of such systems; our substantial indebtedness; our ability to raise
debt and equity capital; our ability to maintain positive
relationships with our network of third-party providers;
litigation, including class action and derivative litigation; labor
matters; fluctuations in currency exchange rates; fluctuations in
fixed and floating interest rates; our ability to execute our
growth strategy through internally generated sales and/or
acquisitions; trade wars and international trade tariffs;
transportation costs; fuel price and fuel surcharge changes; issues
related to our intellectual property rights; governmental
regulation, including trade compliance laws; and governmental or
political actions. All forward-looking statements set forth in this
document are qualified by these cautionary statements and there can
be no assurance that the actual results or developments anticipated
by us will be realized or, even if substantially realized, that
they will have the expected consequences to or effects on us or our
business or operations. Forward-looking statements set forth in
this document speak only as of the date hereof, and we do not
undertake any obligation to update forward-looking statements to
reflect subsequent events or circumstances, changes in expectations
or the occurrence of unanticipated events, except to the extent
required by law.
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