Novori Provides Corporate
Update on Online Jewelry Business
Friday
January 19, 10:15
am ET
SURREY,
BC--(MARKET WIRE)--Jan 19, 2007 -- Novori Inc. (OTC BB:NOVO.OB - News) -- www.novori.com -- a leading online interactive
retailer of fine diamond engagement rings -- is pleased to provide an
operational update and overview after recently obtaining the trading symbol
"NOVO" on the OTCBB.
Novori was founded in 2004
by Mark Neild and Harold Schaffrick, experienced entrepreneurs in online
businesses, who saw the rapidly growing segment of online jewelry and
engagement ring retailing as a high growth business. Novori has 12,878,625
shares outstanding as of August 31, 2006.
Novori's website, www.novori.com allows individuals to design
custom diamond rings by selecting from a choice of tens of thousands of loose
diamonds and hundreds of settings. All Novori jewelry is professionally
finished and quality inspected prior to being shipped from the USA. Novori
enables consumers to purchase a diamond that is approximately 30% larger (of
the same quality) when compared to a retail store for the same cost.
The customer controls the
design of the ring using online tools and can mix and match diamonds and
settings until the perfect ring is created.
Novori is the first to
offer unique specialty custom designed tension rings online. Tension rings
differ from other rings in that they have no clasps to affix the diamond(s) to
the setting, using instead, pressure of up to 12,000 lbs per square inch to
hold the diamond in place.
Novori's debut as a
publicly traded company could not have arrived at a better time. According to
Foresters, an independent research firm, the online diamond industry is
booming, with growth projected from $2.1b in 2005 to $10 billion in 2008,
making it the third fastest growth category for Internet sales. Novori's annual
revenue growth was strong -- revenues for its fiscal year end May 31, 2006
increased 2,374% over prior year.
Novori's main competitor is
Blue Nile, an online retailer founded in 1999.
According to NILE's last published annual report, revenues for year end
Jan/06 were over $203 million. For the quarter ended Oct/06, sales were over
$53 million. Novori hopes to achieve similar growth and performance for its
stockholders.
About
Novori Inc.
Founded in 2004, Novori is
a leading online interactive retailer of diamond engagement rings and fine
jewelry. Novori launched their website in 2005 and has built a well respected
brand by providing consumers with superior customer service and a better way to
buy diamond engagement rings. Novori prides itself on the highest quality
standards in the industry and provides consumers with unique online tools to
allow consumers to explore, build and purchase their own custom made diamond
rings in a way not previously offered by traditional retailers. The Novori.com
web site offers thousands of independently certified diamonds, settings and
fine jewelry at prices significantly below traditional retail. Novori's shares
are traded on the Over the Counter market (OTCBB) under the symbol NOVO.
Forward-Looking Statements
Except for the historical
information contained herein, the matters discussed in this press release are
forward-looking statements. Such statements are indicated by words or phrases
such as "believe," "will," "breakthrough,"
"significant," "indicated," "feel,"
"foresee," "revolutionary," "should,"
"ideal," "extremely," and "excited." These
statements are made under "Safe
Harbor" provisions
of the Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those described in forward-looking statements and are
subject to risks and uncertainties. See Novori's filings with the Securities
and Exchange Commission, including, without limitation, Novori's recent Form
10-KSB and Form 10-QSB, which identify specific factors that may cause actual
results or events to differ materially from those described in the forward-looking
statements.
Contact:
Investor Relations:
1-604-646-5645
