General Bearing Announces Reactivation of Stock Buyback Program

WEST NYACK, N.Y.--(BUSINESS WIRE)--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.

“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 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 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.