PORTLAND, Ore., July 13, 2020 /PRNewswire/ -- Schmitt Industries,
Inc. (NASDAQ: SMIT) (the "Company" or "Schmitt") today announced
that it has extended the offering period of its previously
announced cash tender offer to purchase up to $2.5 million of Schmitt's common stock at a price
per share not less than $3.00 and not
greater than $3.25 (the "Offer").
The Offer is now scheduled to expire at 5:00 p.m., Eastern Time, on July 20, 2020, unless the Offer is further
extended or earlier terminated. The Offer was originally scheduled
to expire at 5:00 p.m., Eastern Time,
on July 10, 2020.
Broadridge Corporate Issuer Solutions, Inc., the depositary for
the Offer, has advised Schmitt that as of 5:00 p.m., Eastern Time, on July 10, 2020, the last business day prior to the
announcement of the extension of the Offer, 122,159 shares of
Schmitt's common stock, have been validly tendered pursuant to the
tender offer and not properly withdrawn. Shareholders who have
already tendered their shares do not have to re-tender their shares
or take any other action as a result of the extension of the
expiration date of the Offer.
Completion of the Offer remains subject to the conditions
described in the tender offer statement on Schedule TO filed with
the Securities and Exchange Commission (the "SEC") by Schmitt on
June 11, 2020.
InvestorCom LLC is acting as information agent for the Offer.
Requests for documents and questions regarding the Offer may be
directed to InvestorCom LLC by telephone, at (877) 972-0090, or by
mail addressed to InvestorCom LLC, 19 Old Kings Highway S., Suite
210, Darien, Connecticut
The Offer referenced herein commenced on June 11, 2020. This communication is not a
recommendation, an offer to purchase or a solicitation of an offer
to sell shares of Schmitt's common stock or any other securities.
On June 11, 2020, Schmitt filed with
the SEC a Tender Offer Statement on Schedule TO. SHAREHOLDERS ARE
URGED TO READ THE TENDER OFFER STATEMENT (INCLUDING THE OFFER TO
PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER
DOCUMENTS, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO ANY OF THE
FOREGOING), AS THEY WILL CONTAIN IMPORTANT INFORMATION THAT
SHAREHOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING
TENDERING THEIR SHARES. Shareholders can obtain these documents
when they are filed and become available free of charge from the
SEC's website at www.sec.gov. Copies of the documents filed with
the SEC by Schmitt will be available free of charge on Schmitt's
website, www.schmittindustries.com. In addition, Schmitt's
shareholders may obtain free copies of the Offer materials by
contacting InvestorCom LLC, the information agent for the Offer, by
telephone, at (877) 972-0090, or by mail addressed to InvestorCom
LLC, 19 Old Kings Highway S., Suite 210, Darien, Connecticut 06820.
About Schmitt Industries
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 environment.
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
Schmitt Industries, Inc.
Michael R. Zapata
Chief Executive Officer
SOURCE Schmitt Industries, Inc.