SHANGHAI, July 24, 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 Pujiang International Group Limited (the
"Parent"), a Cayman Islands
company listed in Hong Kong which
indirectly owns 65.9% of the Company, entered into certain facility
agreement (the "Agreement") with two financial institutions (the
"Lenders").
Pursuant to the Agreement, the Lenders agreed to make a term
loan (the "Loan") of up to US$40
million (with a green shoe option of up to US$30 million) to the Parent for 24 months for
working capital and investment purposes. The Loan may be
extended for another 12 months upon approval of the Lenders. The
Loan is secured by, among others, the Parent's 65.9% beneficial
ownership in the Company, and guaranteed by the Company, its
affiliates and the Parent's affiliates, including Dr. Liang Tang, chairman of the board of directors
of the Company.
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
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.