GlobeNewswire Inc | Mar 29, 2021 04:15PM EDT

March 29, 2021

LOS ANGELES, March 29, 2021 (GLOBE NEWSWIRE) -- Nova LifeStyle, Inc. (NASDAQ: NVFY) (Nova LifeStyle or the Company) today announced financial results for the fiscal year ended December 31, 2020.

Tawny Lam, Chairperson and Chief Executive Officer of Nova LifeStyle, stated, I want to emphasize our view of the Companys importance to the communities where we have a presence throughout the globe and of our ongoing focus on keeping our employees safe while supporting customers during the pandemic. Throughout 2020, we expanded our business model while operating in the challenges posed by the COVID-19 pandemic.

Key Financial Highlights:

-- Revenues for the year ended December 31, 2020 were $11.3 million, as compared to $21.9 million in the fiscal year for 2019. -- Gross Loss was $26.0 million in 2020, as compared to a gross loss of $8.6 million in 2019. -- Net loss from continuing operations was $25.7 million in 2020, as compared to a $6.1 million loss in 2019.

While we are disappointed with our financial results, our team responded to the challenges of the pandemic to provide a level of customer service that our customers have come to know and love. We believe that switching to higher margin products could be quite opportunistic for our future direction. To that end, we successfully launched an online platform to distribute a new line of health products, continued Ms. Lam. We are looking forward to the future as we carefully and strategically plan to expand our operations and meet the demand of our partners and customers.

About Nova LifeStyle

Nova LifeStyle, Inc. is a well-established, innovative designer and distributor of modern lifestyle furniture; primarily sofas, dining room furniture, cabinets, office furniture and related components, bedroom furniture, jade mats and various accessories, in matching collections. Nova LifeStyles product lines include the Nova Brands and Diamond Sofa (www.diamondsofa.com). 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, Southeast Asia, South America, and elsewhere in the world.

Visit Nova LifeStyle's website at www.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, among others, our expected future growth prospects, our ability to capitalize on future market opportunities, 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. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2020 and our other reports and filings with SEC.

Investor Relations ContactAndrew Barwicki 516-662-9461andrew@barwicki.comir@novalifestyle.com