General Bearing Announces Reactivation of Stock Buyback Program

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.