Ossen Innovation Co., Ltd. Announces Pricing of Initial Public Offering
SHANGHAI, Dec. 21, 2010 /PRNewswire-Asia-FirstCall/ -- Ossen Innovation Co., Ltd. ("Ossen" or the "Company") (Nasdaq: OSN), a China-based manufacturer and seller of an array of plain surface prestressed steel materials and rare earth coated and zinc coated prestressed steel materials, today announced the pricing of its initial public offering of 5,000,000 American Depositary Shares (the "ADSs") each representing one ordinary share, at a price of $4.50 per ADS. The Company has granted the underwriters an option to purchase up to an additional 750,000 ADSs to cover over-allotments, if any. Ossen's ADSs are expected to begin trading on December 21, 2010 on the Nasdaq Global Market under the symbol "OSN."
Global Hunter Securities, LLC and Knight Capital Markets LLC acted as the joint book-running managers for the offering, and Ladenburg Thalmann & Co. Inc. acted as the co-manager for the offering. The offering is expected to close on December 23, 2010.
The Company intends to use the net proceeds of approximately $19.6 million (or $22.7 million assuming the underwriters exercise their option to purchase the over-allotment ADSs) for construction costs associated with the extension of the Company's current facility for the purchase and installation of eight new production lines for coated prestressed materials.
A registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A copy of the prospectus relating to the offering may be obtained by contacting: Global Hunter Securities, LLC, 777 Third Avenue, New York, NY 10017, 646-264-5600.
About Ossen Innovation Co., Ltd.
Ossen Innovation Co., Ltd. manufactures and sells of an array of plain surface prestressed steel materials and rare earth coated and zinc coated prestressed steel materials. The Company's products are mainly used in the construction of bridges, highways and other infrastructure projects.
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 registration statement on Form F-1, as amended. All information provided in this press release is as of December 20, 2010. 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.
Larry Cheung, Account Manager