PORTLAND, Ore., July 13, 2020 /PRNewswire/ -- Schmitt Industries,
Inc. (NASDAQ: SMIT) (the "Company" or "Schmitt") announced today
that Schmitt's Board of Directors (the "Board") has unanimously
passed a resolution for Schmitt to remain listed on the NASDAQ
In conjunction with the acquisition of the assets of Ample Hills
Creamery, Inc. and its subsidiaries (collectively, "Ample Hills"),
and in consideration for a potential SEC rule that would make
delisted companies highly illiquid, the Board has announced that it
will remain listed on the NASDAQ markets.
To provide shareholders additional time to make an informed
decision on the announced tender offer, the Board has approved an
extension of the tender offer to July 20,
"We are thrilled with the Ample Hills acquisition as it is in
line with our goal of identifying unique investment opportunities
that will create shareholder value," said Michael Zapata, Schmitt's Chief Executive
Officer and Chairman. "The Board has carefully evaluated all
options and, although we are shifting our listing intentions, we
believe remaining listed is the right decision and will benefit our
shareholders in the long run."
Schmitt will provide a strategic update on Ample Hills in the
coming months as we work with the team to relaunch and reopen Ample
About Schmitt Industries, Inc.
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.
About Ample Hills Acquisition, LLC
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, growing ice cream company based in
Brooklyn, New York with over nine
ice cream scoop locations.
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.