General Bearing Corporation Announces Cessation of Strategic Alternative Initiative

General Bearing Corporation (OTC:GNRL.PK) announced today that its Board of Directors has decided to terminate the company's engagement of Jefferies & Company, Inc., who had been retained in connection with the Company¡¯s previously-announced exploration of strategic alternatives. David Gussack, the Company's Chief Executive Officer and a member of the Board said, "We extensively explored a number of alternatives with our investment bankers, and did not identify a viable current option which would be in the best interest of the company and all its shareholders.¡± 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.