Ossen Innovation Receives NASDAQ Notification of Non-Compliance with Minimum
Bid Price Rule
SHANGHAI, Jan. 30, 2013
SHANGHAI, Jan. 30, 2013 /PRNewswire-FirstCall/ -- 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 that on January 30, 2013 the Company received a
letter from the NASDAQ Stock Market stating that for the previous 30
consecutive business days, the closing bid price of the Company's stock was
below the minimum bid price of $1.00 per share for continued listing on the
NASDAQ Global Market pursuant to NASDAQ Marketplace Rule 5450(a)(1) (the
"Minimum Bid Price Rule"). The NASDAQ letter has no immediate effect on the
listing of the Company's shares.
In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company has been
provided with a period of 180 calendar days, or until July 29, 2013, to regain
compliance with the Minimum Bid Price Rule. If at any time during this
180-day period the closing bid price of the Company's American Depositary
Shares is at least $1.00 for a minimum of ten consecutive days, NASDAQ will
provide written confirmation of compliance and matter will be closed.
The Company intends to evaluate available options to resolve the deficiency
and regain compliance with the Minimum Bid Price Rule.
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 Maanshan, Anhui
Province, and Jiujiang, Jiangxi Province.
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:
Ossen Innovation Co., Ltd.
Alan Jin, Chief Financial Officer
Phone: +86 (21) 6888-8886
MZ North America
Ted Haberfield, President
SOURCE Ossen Innovation Co., Ltd.
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