Ossen Innovation Receives Certification from Korean Standards Association to Sell Pre-Stressed Steel Materials in South Korea
SHANGHAI, Dec. 20, 2011 /PRNewswire-Asia-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 it has passed the certification required for certain types of pre-stressed steel materials to be sold in South Korea. The Company has started discussions with several prospective customers in South Korea.
Ossen passed a series of tests conducted by the Korean Standards Association covering areas such as product quality and manufacturing facility standards. The Korean government has maintained strict control over the use of imported pre-stressed steel materials on large domestic projects to below 30%. Starting in 2012, this cap will be increased to 50%.
"We are delighted to receive the certification from the Korean Standards Association," said Dr. Liang Tang, Chairman of Ossen Innovation. "It reaffirms the high quality of our products, as well as the strong track record we have implementing our pre-stressed steel products in large scale infrastructure projects around the world. As we manage through the short-term challenges in the domestic market, we will look to overseas markets such as South Korea and the U.S. for growth."
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. 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.