NN, INC. ANNOUNCES ADOPTION OF 10b5-1 TRADING PLAN
Printer-friendly version
Johnson City, Tenn, May 25, 2005 – NN, Inc. (Nasdaq: NNBR) announced today that the Company has adopted a prearranged stock trading plan in accordance with the guidelines specified by Rule 10b-5 under the Securities and Exchange Act of 1934.
Rule 10b5-1 permits corporate insiders of public companies, at a time when they are not in possession of material nonpublic information, to adopt predetermined plans for exercising stock options granted under the Company’s stock option plan or for selling specified amounts of stock.
William C. Kelly, Jr., Vice President and Chief Administrative Officer commented, “Certain grants of NN, Inc. stock options will begin to expire in the near future. Thus, the Company has adopted a 10b5-1 plan to provide a gradual and systematic method for our directors and officers to exercise their stock options with minimal impact to our stock’s normal trading dynamics.”
NN, Inc. manufacturers and supplies high precision bearing components consisting of balls, rollers, seals, and retainers for leading bearing manufacturers on a global basis. In addition, the company manufactures a variety of other plastic components. NN, Inc. had sales of US $304 million in 2004.
This press release contains forward looking statements. These, and similar statements are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual performance of NN, Inc. and its subsidiaries to differ materially from those expressed or implied by this discussion. All forward-looking information is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “assumptions”, “target”, “guidance”, “outlook”, “plans”, “projection”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “potential” or “continue” (or the negative or other derivatives of each of these terms) or similar terminology. Factors which could materially affect actual results include, but are not limited to: general economic conditions and economic conditions in the industrial sector, inventory levels, regulatory compliance costs and the Company's ability to manage these costs, start-up costs for new operations, debt reduction, competitive influences, risks that current customers will commence or increase captive production, risks of capacity underutilization, quality issues, availability and price of raw materials, currency and other risks associated with international trade, the Company’s dependence on certain major customers, and other risk factors and cautionary statements listed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission, including, but not limited to, the Company’s Annual Report on 10-K for the fiscal year ended December 31, 2004.
|
