SHANGHAI, May 8, 2018 /PRNewswire/ -- Ossen Innovation Co.,
Ltd. ("Ossen" 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 the termination of the Share Exchange Agreement
(the "Exchange Agreement"), dated July 19,
2017, among the Company, America-Asia Diabetes Research
Foundation (the "Foundation") and the shareholders of the
Foundation, as amended, with respect to the acquisition of the
Foundation by Ossen. The Foundation and its shareholders failed to
satisfy the closing conditions set forth in the Exchange Agreement.
As a result, the Company terminated the Exchange Agreement. In
connection therewith, the Share Purchase Agreement, dated
July 19, 2017, between the Company
and an affiliate of Dr. Liang Tang,
the Chairman of Ossen, pursuant to which the Company agreed to sell
its existing business to an affiliate of Dr. Tang, is deemed
terminated.
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.
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. 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:
Ossen Innovation Co., Ltd.
Wei Hua, Chief Executive Officer
Phone: +86-21-6888-8886
Web: http://www.osseninnovation.com
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SOURCE Ossen Innovation Co., Ltd.