SHANGHAI, March 17, 2021 /PRNewswire/ -- Ossen
Innovation Co., Ltd. ("Ossen Innovation" 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 preliminary revenues and gross profit
attributable to Ossen Innovation for the full year 2020
are expected to be $139.0 million and $23.9 million,
compared to $138.9 million and $22.4
million for the same period of last year.
The expected slight increase in revenue is primarily due to an
increase in sales of zinc coated prestressed products, partially
offset by a decrease in sales of
rare earth coated prestressed products. Gross margins in
2020 are expected to show a 113-basis points improvement, primarily
due to the improvement of the profitability of zinc coated prestressed products in
2020.
The information set forth herein represents our preliminary
estimated unaudited financial data for the year ended December
31, 2020, which is subject to revision based upon the completion of
our year-end financial closing process and external audit of our
results of operations for the same period. We are still in the
process of completing our financial statements for the respective
period. Therefore, it is possible that adjustments to the data
presented herein will be made.
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, 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 relating to the ongoing COVID-19 pandemic and the
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
Investor Relations
GCI IR
Phone: +1-347-393-4230
Email: info@goldenir.com
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SOURCE Ossen Innovation Co., Ltd.