WEST NYACK, NY -- August 24, 2007 -- 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 $1.0 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 as well as creating liquidity for those stockholders who need or wish to sell stock.”
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.