Ossen Innovation Proposes Acquisition Of China Glucose Monitoring Device Company

Ossen Innovation, a Shanghai company, plans to transform itself into a glucose monitoring medical device maker. Ossen has struck a deal to acquire the American-Asia Diabetes Research Foundation, whose San MediTech (Huzhou) subsidiary offers a continuous glucose monitoring device in China. Ossen will spin off its present business -- the manufacture of pre-stressed steel materials for bridges -- to a buyer group led by its current Chairman, Dr. Liang Tang. No financial details of the two transactions were disclosed. Board approval for the two deals is required.