SHANGHAI, Jan. 3, 2017 /PRNewswire/ -- As previously
announced on August 4, 2016, the
Board of Directors (the "Board") of Ossen Innovation Co., Ltd.
("Ossen Innovation" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain
surface, rare earth and zinc coated pre-stressed steel materials,
formed a special committee of the Board (the "Special Committee")
to evaluate a non-binding term sheet pursuant to which the Company
would (i) acquire all of the equity of American-Asia Diabetes
Research Foundation (the "Foundation") and (ii) spin off the
current assets of the Company to a buyer group led by Dr.
Liang Tang, Chairman of the Company
(collectively, the "Proposed Transactions"). The execution of
such term sheet had been announced on July
8, 2016.
The Company hereby announces that the Special Committee has
retained Highline Research Advisors LLC ("HRA"), acting through
Corinthian Partners, LLC, as its financial advisor in connection
with the review and evaluation of the Proposed Transactions.
The Special Committee may solicit expressions of interest or
consider an alternative transaction. There can be no assurance that
any definitive agreement will be reached in connection with the
Proposed Transactions, or that the Proposed Transactions or any
other transaction will be approved by the Special Committee, the
Board and the shareholders of the Company, or consummated. The
Company does not undertake any obligation to provide any updates
with respect to this or any other transaction, except as required
under applicable law.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells a wide variety
of plain surface pre-stressed steel materials and rare earth coated
and zinc coated pre-stressed steel materials. The Company's
products are mainly used in the construction of bridges, as well as
in highways and other infrastructure projects. Ossen has two
manufacturing facilities located in Ma'anshan, Anhui Province, and Jiujiang, Jiangxi Province.
About Highline Research Advisors LLC
Highline Research Advisors has extensive experience in the
healthcare sector and has built an execution oriented team
dedicated to clients in this vertical. Its team is comprised of
individuals from diverse backgrounds, including the buy-side, bulge
bracket and boutique investment banking, consulting and academia.
Highline Research takes a fundamental approach to providing
sell-side services and put a premium on high quality management
teams and high quality assets.
Forward-Looking Statements
This press release may contain 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, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including
risks outlined in the Company's public filings with the Securities
and Exchange Commission, including the Company's annual report on
Form 20-F. Furthermore, there can be no assurance that the Proposed
Transactions will be completed as proposed or at all. The
Proposed Transactions would be subject to the satisfaction of
various closing conditions. Furthermore, even in the event
that such transactions are completed, there can be no assurance
that such transactions will be completed on the same terms as those
described above. All information provided in this press release is
as of the date hereof. Except as required by law, the Company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated
events.
For more information, please contact:
Investor Relations
Weitian Group LLC
Phone: +1-732-910-9692
Email: tony.tian@weitian-ir.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ossen-innovation-special-committee-retains-financial-advisor-to-evaluate-proposed-transactions-300384328.html
SOURCE Ossen Innovation Co., Ltd.