WEST NYACK, NY -- July 25, 2006 -- General Bearing Corporation (OTC:GNRL.PK) announced today that its Board of Directors has authorized the re-activation of the Company’s stock repurchase program. The Board authorized the Company to invest $2.2 million to acquire shares of the Company’s stock in open market and private transactions.
General Bearing Chief Executive Officer, David L. Gussack said, “The Board believes that the shares are undervalued and that this provides an attractive opportunity to increase shareholder value.” Mr. Gussack further stated “The Company has projected continuing strong growth in the future, subject to all of the risk factors which are described in the Company’s SEC filings prior to deregistration of its stock in 2005.”
General Bearing manufactures and distributes a variety of 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 previously detailed in the Company’s filings with the Securities and Exchange Commission. These risks could cause the Company’s actual results for the current fiscal year and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company.