SHANGHAI, June 26, 2019 /PRNewswire/ -- 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, today announced that its subsidiary, Ossen
(Jiujiang) Innovation Materials Co., Ltd. ("Ossen Jiujiang"),
borrowed funds pursuant to two loans in the aggregate principal
amount of RMB 129.5 million
(approximately US$18.9 million) from
the Bank of Shanghai.
Pujiang International Group Limited ("Pujiang"), a Cayman Islands company which is listed in
Hong Kong and which indirectly
owns 65.9% of Ossen Innovation, has provided the guarantees and
cash collateral for such loans. The loans carry an annual interest
rate of 3.915%. One loan has a term of six months and the other
loan a term of one year. The Company anticipates that Ossen
Jiujiang will be able to roll over these loans when they become
due. Ossen Jiujiang expects to use the proceeds of such loans
primarily for planned capital expenditures in the expansion of zinc
coated production capacity.
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 Innovation has
two manufacturing facilities located in Ma'anshan, Anhui Province, and Jiujiang, Jiangxi Province, respectively.
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
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: +1-917-828-3419
Email: info@goldenir.com
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SOURCE Ossen Innovation Co., Ltd.