SHANGHAI, Jan. 18, 2018 /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,
is pleased to announce the final voting results for the proposal
considered at the Company's special meeting that was held on
January 17, 2018 (the "Meeting"). At
the Meeting, the Company's shareholders approved the amended terms
of the Company's proposed acquisition of American-Asia Diabetes
Research Foundation.
A total of 17,570,262 ordinary shares, representing
approximately 88.8% of the Company's issued and outstanding
ordinary shares, were represented at the Meeting. Dr. Tang
abstained from voting all of the 11,850,000 shares he holds, as
previously disclosed by the Company.
The final voting results for the proposal to approve a share
exchange agreement and related transactions providing for the
acquisition by the Company of 100% of the outstanding capital stock
of American-Asia Diabetes Research Foundation, a California corporation, in exchange for
81,243,000 of the Company's ordinary shares were as follows:
|
For
|
Against
|
Abstain
|
|
|
5,650,515
|
69,747
|
11,850,000
|
|
The ordinary shares voted in favor of the proposal submitted at
the Meeting include both (i) a majority of all of the issued and
outstanding ordinary shares of the Company as of the record date
other than the shares held by Dr. Tang and (ii) a majority of all
of the issued and outstanding ordinary shares of the Company as of
the record date other than shares held by Dr. Tang, Fascinating Acme Development Limited and
Gross Inspiration Development Limited.
Each of Fascinating Acme Development Limited and Gross Inspiration
Development Limited may be deemed to be an affiliate of the
Company and each holds
600,000 ordinary shares of the Company.
The closing of the transaction, as well as the closing of the
sale of the Company's current business to Dr. Tang, which
transaction was previously approved by the Company's shareholders,
is conditioned upon the approval of the initial listing application
of America-Asia Diabetes Research Foundation by Nasdaq.
About America-Asia Diabetes Research Foundation
America-Asia Diabetes Research Foundation is a California corporation which conducts its
business through its subsidiary, San MediTech (Huzhou) Co., Ltd.
San MediTech, based in Huzhou City, China, engages in the research, development
and marketing of glucose control products. San MediTech's
proprietary DGMS provides continuous, real-time monitoring of
glucose level in diabetes patients, with two patents granted in
China and several patents pending
both in China and the U.S. DGMS
has been approved by the China Food and Drug Administration and has
entered into clinical trials in the U.S. for DGMS. For more
information about San MediTech, please visit:
www.sanmeditech.com.
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,
JiangxiProvince.
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
View original
content:http://www.prnewswire.com/news-releases/ossen-innovation-announces-voting-results-of-the-special-meeting-of-shareholders-300584093.html
SOURCE Ossen Innovation Co., Ltd.