SOURCE: Novori Inc.

January 19, 2007 10:16 ET

Novori Provides Corporate Update on Online Jewelry Business

WHITEROCK, BC -- (MARKET WIRE) -- January 19, 2007 -- Novori Inc. (OTCBB: NOVO) -- 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 Shafferick, 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 Information

  • Investor Relations:
    1-604-646-5645