PORTLAND, Ore., Dec. 19, 2022 /PRNewswire/ -- Schmitt
Industries, Inc. (NASDAQ: SMIT) today announced that Ample Hills
Creamery will be shutting down operations for at least a week,
effective immediately. This action is required while the company
seeks the additional investment capital required for it to continue
operations. There is no assurance that additional capital will be
obtained and if the company cannot raise sufficient capital, it
will be required to shut down operations indefinitely.
"We have an incredibly talented and hardworking team, which
makes this furlough extremely difficult. We have explored many
options and paths to rase the needed capital without having to take
this step, but unfortunately, we have reached a point where this is
our only option," commented Michael
Zapata, CEO and Chairman. "We are actively talking with
potential investors and partners and open to discussions with other
interested parties to prevent a full shut down.
About Schmitt Industries
Schmitt is a holding company owning subsidiaries engaged in
diverse business activities. Schmitt's operating businesses include
Schmitt Measurement Systems providing remote tank level monitoring
solutions, and precision measurement solutions, and Ample Hills
Creamery, a beloved ice cream manufacturer and retailer based in
Brooklyn, NY.
For more information contact: Michael Zapata, Chairman and CEO (503) 227-7908
or visit www.schmittindustries.com
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SOURCE Schmitt Industries, Inc.