WEST NYACK, NY -- March 24, 2005 -- General Bearing Corporation (OTC:GNRL.PK) announced today that, notwithstanding the pending deregistration of its stock, as announced on March 10, 2005, it intends to continue to release annual and quarterly financial information.
The company stated that going forward it intends to post audited annual, and unaudited quarterly financial statements (Balance Sheets and Profit and Loss Statements) on its web site, www.generalbearing.com.
The company further stated that it expects to post the 2004 audited annual financial statements by mid-April.
General Bearing manufactures ball bearings, tapered roller bearings, spherical roller bearings, and cylindrical roller bearings, and bearing components. Under “The General” and the “Hyatt” trademarks, the Company supplies original equipment manufacturers in the automobile, truck/trailer, railcar, office equipment, machinery and appliance industries, as well as the industrial aftermarket.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for the current FY and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company.