PORTLAND, Ore., July 10, 2020 /PRNewswire/ -- Schmitt Industries,
Inc. (NASDAQ: SMIT) (the "Company" or "Schmitt") announced today
that it has closed the acquisition of the assets of Ample Hills
Creamery, Inc. and its subsidiaries (collectively, "Ample
Ample Hills will reopen nine locations in the coming weeks,
rehire Ample Hills team members, and reopen the Red Hook factory in Brooklyn, New York. The investment and hiring
plan will bring the beloved Brooklyn-based ice cream company back to the
community and benefit New Yorkers as the city recovers from the
devastation of COVID-19.
"The safety and well-being of our Amployees is of the utmost
importance as we reopen retail locations in the greater
Brooklyn and New York Area. Their engagement with our loyal
customers daily, the excellent flavors and stories built into every
pint of ice cream, and the brand's effortless nostalgia make up
this special company," said Michael
Zapata, Schmitt's Chief Executive Officer and Chairman. "On
behalf of the Board, we are excited to bring the Ample Hills team
back, and we believe our focus on operational efficiency and
investing in the brand will benefit this beloved business and allow
us to navigate these unprecedented times as we create a path to
long-term profitability and growth."
Schmitt will provide a strategic update on Ample Hills in the
coming months as we work with the team to relaunch and reopen Ample
For more information, please visit www.amplehills.com.
About Schmitt Industries, Inc.
Schmitt Industries, Inc., founded in 1987, designs, manufactures
and sells high precision test and measurement products, solutions
and services through its Acuity® and Xact® product lines. Acuity
provides laser and white light sensor distance measurement and
dimensional sizing products, and our Xact line provides
ultrasonic-based remote tank monitoring products and related
monitoring revenues for markets in the Internet of Things
About Ample Hills Acquisition, LLC
Ample Hills Acquisition, LLC, a subsidiary of Schmitt Industries,
Inc., was founded in 2020 to purchase the assets of Ample Hills
Creamery, Inc. Ample Hills is a beloved ice cream company based in
Brooklyn, New York with over nine
ice cream scoop locations and growing.
Safe Harbor Statement
This document may contain forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995. These
statements are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict. Actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements due to numerous
factors. A complete discussion of the risks and uncertainties that
may affect Schmitt's business, including the business of its
subsidiary, is included in "Risk Factors" in the Company's most
recent Annual Report on Form 10-K as filed by the Company with the
Securities and Exchange Commission.
Schmitt Industries, Inc.
Michael R. Zapata
Chief Executive Officer
SOURCE Schmitt Industries, Inc.