RE: NN, Inc.
2000 Waters Edge Drive
Johnson City, TN 37604
FOR FURTHER INFORMATION:
AT THE COMPANY AT FRB|WEBER SHANDWICK
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Will Kelly Kerry Thalheim Susan Garland
Treasurer & Manager of Investor Relations (General info) (Analyst info)
(423) 743-9151 212-445-8437 212-445-8458
FOR IMMEDIATE RELEASE
MAY 16, 2003
NN, INC. ANNOUNCES COMPLETION OF COMMON STOCK OFFERING
Johnson City, Tenn. - May 16, 2003 - NN, Inc. (Nasdaq: NNBR) today announced the
completion of a public offering of 3,556,895 shares of the Company's common
stock by a group of selling stockholders at a public offering price of $10.37.
The group of selling stockholders consisted of Richard D. Ennen, Michael D.
Huff, Janet M. Huff and Deborah E. Bagierek. The Company did not receive any
proceeds from the sale of the shares previously held by the group of selling
stockholders.
The managing underwriters for the offering were McDonald Investments Inc. and
Legg Mason Wood Walker, Incorporated. The underwriters have an option to
purchase up to an additional 533,600 shares of the Company's common stock from
the Company solely to cover any over-allotments. If the underwriters'
over-allotment option is exercised in full, the Company would receive total net
proceeds from the offering of approximately $5.1 million.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state in
which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
A copy of the prospectus supplement relating to the offering has been filed with
the Securities and Exchange Commission. Printed copies of the prospectus
supplement and accompanying prospectus relating to the offering may be obtained
from McDonald Investments Inc., 800 Superior Avenue, Suite 2100, Cleveland, Ohio
44114.
NN, Inc. manufactures 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 $193 million in 2002.
With the exception of the historical information contained in the release, the
matters described herein contain forward-looking statements that are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve a number of risks and
uncertainties that may cause actual results to be materially different from such
forward-looking statements. Such factors include, among others, general economic
conditions and economic conditions in the industrial sector, competitive
influences, risks that current customers will commence or increase captive
production, risks of capacity underutilization, quality issues, availability 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,
2002.
