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BRIEF-Ossen Innovation enters into agreements to acquire America-Asia Diabetes Research Foundation
July 20, 2017 / 12:47 PM / 5 months ago

BRIEF-Ossen Innovation enters into agreements to acquire America-Asia Diabetes Research Foundation

July 20 (Reuters) - Ossen Innovation Co Ltd:

* Ossen Innovation enters into agreements to acquire America-Asia Diabetes Research Foundation and to spin-off existing business

* Ossen Innovation Co Ltd - agreed to acquire all of issued and outstanding equity interests of foundation in exchange for up to 81.2 million of ordinary shares

* Ossen Innovation Co Ltd - ‍upon completion of acquisition, company will indirectly own 90.27 pct of San Meditech​

* Ossen Innovation Co Ltd - upon completion of acquisition, company will indirectly own 90.27 pct of San Meditech

* Ossen Innovation Co Ltd - entered into an agreement to spin-off its existing pre-stressed steel manufacturing business

* Ossen Innovation Co Ltd says an aggregate of 28.1 million of company’s shares will be deposited in escrow at closing of acquisition

* Ossen Innovation- ‍anticipated,following closing of deals,co’s existing shareholders, excluding Dr. Tang, retain ownership interest of abt 8.9 pct of co​ Source text for Eikon: Further company coverage:

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