PORTLAND, Ore., Nov. 11, 2021 /PRNewswire/ -- Schmitt
Industries, Inc. (NASDAQ: SMIT) today announced the sale of the
28th Street building for $5.1
million with net proceeds of $4.7
million. The transaction was funded and closed on
November 10, 2021 following a 21-day
review process and 3 day close.
Michael Zapata, Chairman and CEO
of Schmitt, commented, "We are pleased to announce the sale of the
28th Street property. This sale is in line with our
strategic value creation goal and provides us the funding
flexibility to continue to focus on development of our business
lines and strategic Ample Hills growth."
Schmitt continues to own and evaluate strategic alternatives for
its remaining Nicolai Street
buildings in Portland.
About Schmitt Industries
Schmitt is a holding company owning subsidiaries engaged in
diverse business activities. The Company was originally
incorporated under the laws of British
Columbia, Canada, in 1984 and was reincorporated under the
laws of the State of Oregon in
1995. Schmitt's operating businesses include propane tank
monitoring solutions, precision measurement solutions and ice cream
production and distribution. The Company operates as two reportable
segments: the Measurement Segment ("SMS") and the Ice Cream
Segment, which is comprised of 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.schmitt-ind.com
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SOURCE Schmitt Industries, Inc.