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 23, 2003
NN, INC. ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION
Johnson City, Tenn. - May 23, 2003 - NN, Inc. (Nasdaq: NNBR) today announced it
has completed the sale of 533,600 shares of its common stock pursuant to the
exercise of the underwriters' over-allotment option which was part of the recent
registered common stock offering by the Company and a group of selling
stockholders. The Company expects to receive total net proceeds from the
offering of approximately $5.1 million. The managing underwriters for the
offering were McDonald Investments Inc. and Legg Mason Wood Walker,
Incorporated.
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.
