Novori Inc.
OTC Bulletin Board : NOVO

June 11, 2007 09:15 ET

Novori (NOVO) Announces 53% Growth in Revenues

BELLINGHAM, WASHINGTON--(Marketwire - June 11, 2007) - Novori Inc. (OTCBB:NOVO) - 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.

Contact Information

  • Novori Inc.
    Investor Relations
    Toll Free: 1-888-646-5677
    Website: www.novori.com