PORTLAND, Ore., May 18, 2022
/PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the
"Company" or "Schmitt") announced that it has entered into a letter
of intent to sell all assets related to its Xact business line.
This potential transaction is subject to several contingencies,
including the negotiation and execution of definitive transaction
agreement, the completion of due diligence to the satisfaction of
the acquirer and Company board approval.
There is no guarantee that a transaction will be
completed. Accordingly, there can be no assurance that the
Company's efforts to consummate the transaction contemplated by the
letter of intent will be successful.
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. The Company also owns and operates Ample Hills
Creamery, a beloved ice cream manufacturer and retailer based in
Brooklyn, NY.
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 and subsequent
filings with the Securities and Exchange Commission.
For more information
contact:
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Michael R. Zapata,
President and CEO
Phillip Bosco, CFO and
Treasurer
(503)
227-7908
|
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SOURCE Schmitt Industries, Inc.