Date: 2013-08-01

SKF Group to Acquire General Bearing Corporation

WEST NYACK, NY -- February 13, 2012 -- General Bearing Corporation (OTC:GNRL.PK) today announced the signing of an agreement whereby SKF, a Swedish company, will acquire GBC and its subsidiaries, including the interests in its four manufacturing sites in China. The transaction is subject to relevant regulatory and shareholder approvals.

The purchase price of approximately $28 per share, all cash, represents an aggregate enterprise value of $125,000,000, net of contractual adjustments and the satisfaction of certain obligations and liabilities of the company, and is subject to adjustments that could arise from escrow arrangements related to both working capital and indemnifications.

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