General Bearing Pursuing Possible Sale or Merger

Resource from: CBCC Likes:2948

Aug 19,2005

General Bearing Corp. (USA, publicly traded on the Pink Sheets as GNRL.PK), after reporting strong sales and earnings for the past several quarters, has put itself up for sale or merger. In a notice, the company said it is, " ... exploring strategic alternatives to create liquidity for its shareholders." CEO David Gussack said, "in pursuit of our continuing goal of creating value for the shareholders, General Bearing is taking steps to identify strategic options including a possible sale or merger." General Bearing was founded in 1958 by Seymour Gussack. The company went public via a 1977 IPO at $7.00 per share. In March 2005, citing the high costs of Sarbanes-Oxley compliance, the company filed to deregister its stock from the NASDAQ as GNRL and settled in the Pink Sheets as GNRL.PK.

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