SHANGHAI, Oct. 2, 2020 /PRNewswire/ -- Ossen Innovation
Co., Ltd. (the "Company") (Nasdaq: OSN), a China-based
manufacturer of an array of plain surface, rare earth and zinc
coated pre-stressed steel materials, today announced that the
independent special committee (the "Independent Committee") of the
Company's board of directors (the "Board"), formed on September 22, 2020 to evaluate and consider the
previously announced preliminary non-binding acquisition proposal
letter dated September 15, 2020 (the "Going-Private
Proposal"), has retained Houlihan Lokey (China) Limited as its independent financial
advisor to assist it in this process.
The Board cautions the Company's shareholders and others
considering trading the Company's securities that no decisions have
been made with respect to the Going-Private Proposal or any
alternative strategic option that the Company may pursue. There can
be no assurance that any definitive offer will be made, that any
definitive agreement will be executed relating to the proposed
transaction or that this or any other transaction will be approved
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. The Company has two
manufacturing facilities located in Ma'anshan, Anhui
Province, China and Jiujiang, Jiangxi
Province, China.
Safe Harbor 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
but are not limited to, risks related to the expected timing and
likelihood of completion of a potential transaction with
Pujiang International Group Limited or any other party, including
the risk that the potential transaction may not occur, and the
risk that any announcements relating to the
potential transaction could have adverse effects on the market
price of the Company's stock, as well as risks outlined in the
Company's public filings with the Securities and Exchange
Commission, including the Company's annual report on Form 20-F, as
amended. 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:
Wei Hua, Chief Executive
Officer
Email: int.tr@ossengroup.com
Phone: +86-21-6888-8886
Web: www.osseninnovation.com
Investor Relations
GIC IR
Phone: +1-347-393-4230
Email: info@goldenir.com
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SOURCE Ossen Innovation Co., Ltd.