SHANGHAI, Sept. 22, 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 its Board of Directors (the "Board") has
formed a special committee consisting of two independent,
disinterested directors (the "Independent Committee"), Mr. Junhong
Li and Mr. Zhongcai Wu, to consider the previously announced
preliminary non-binding proposal letter (the "Going-Private
Proposal") that the Board received on September 15, 2020.
Mr. Junhong Li will serve as chairman of the
Independent Committee. The Independent Committee has retained
DLA Piper as its international legal counsel, and intends to retain
an independent financial advisor in due course, to assist it in
this process.
The Board cautions the Company's shareholders and others
considering trading the Company's securities that the Board has
just received the Going-Private Proposal and has not had an
opportunity to carefully review and evaluate the proposal or make
any decision with respect to the Company's response to the
proposal. 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.