Novori (NOVO) Announces 53% Growth
in Revenues
Monday June 11, 9:15 am ET
BELLINGHAM, WASHINGTON--(MARKET
WIRE)--Jun 11, 2007 -- Novori Inc. (OTC BB:NOVO.OB - News) - www.novori.com - a leading online interactive retailer
of fine diamond engagement rings - announced today that revenues for the
quarter ending February 28, 2007 were up 53% as compared to same quarter in the
previous year.
The Company attributes the 53%
growth in revenues to increased consumer awareness of Novori and to the
Company's (www.novori.com) website
consistently ranking high on the search engines. To date, 90% of Novori's
customers are purchasing diamond engagement rings. The online jewelry industry
has undergone an upsurge of general popularity, increasing competitors Blue
Nile's revenues by 34% and Abazias' by 48%.
Harold Schaffrick, President &
CEO said, "We are pleased with the growth in sales. It is interesting to
note that this increase has come about without any significant extra marketing
expenditure. I am confident that with planned marketing initiatives, we will
grow revenues at an even greater pace. Its also nice
to know we're growing sales at a faster rate than our competitors."
Novori is well positioned to become
a leading player in the emerging marketplace of online diamond engagement ring
sales as larger numbers of Internet-savvy consumers embrace the
"no-pressure" online shopping experience.
With consumers becoming more
comfortable with buying luxury goods online, jewelry is a category that's
gaining momentum. According to Jupiter Research, in 2004 U.S. online sales of
fine jewelry grew 19.3% from the prior year to $1.7 billion. Furthermore,
According to Forrester's Research; "An increase in the number of women
shoppers will contribute to 14 percent of jewelry sales moving online by
2010".
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.
