PORTLAND, Ore., July 18,
2022 /PRNewswire/ -- Schmitt Industries, Inc.
(NASDAQ: SMIT) (the "Company" or "Schmitt") announces that it has
closed the Real Estate Purchase and Sale Agreement (the "Sale
Agreement") with Tofte Farms, LLC ("Tofte") to purchase the 2765 NW
Nicolai Street, Portland, Oregon
property (the "Property") of Schmitt for a purchase price of
$3,500,000. Net proceeds are
estimated to be $3,200,000 for
Schmitt.
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 as filed by the
Company with the Securities and Exchange Commission.
For more information
contact:
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Michael R. Zapata,
President and CEO
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Phillip Bosco, CFO and
Treasurer
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(503)
227-7908
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SOURCE Schmitt Industries, Inc.