WEST NYACK, NY -- August 12, 2005 -- General Bearing Corporation (OTC:GNRL.PK) announced today that it is exploring strategic alternatives to create liquidity for its shareholders. David Gussack, the Chief Executive Officer and Director, stated that “in pursuit of our continuing goal of creating value for the shareholders, General Bearing is taking steps to identify strategic options including a possible sale or merger.”
The Company further stated that it has engaged the investment banking firm of Jefferies & Company, Inc. (“Jefferies”), to advise and assist it in these efforts. No formal decisions have been made and no agreements have been reached at this time. There can be no assurances that any particular alternative will be pursued or that any transaction will occur, or on what terms.
General Bearing Corporation is a global manufacturer and supplier of bearings and bearing components, which it sells to original equipment manufacturers and the industrial aftermarket.