Schmitt Industries Announces Xact and Tank Utility Partnership
August 06 2019 - 8:17AM
Schmitt Industries, Inc. (NASDAQ: SMIT) today announced its
Xact™ Tank Monitoring Solutions (“Xact”) business line, a leading
provider of satellite-connected gauge and ultrasonic readers in the
Internet of Things (”IoT”) environment, has partnered with Tank
Utility, Inc. (“Tank Utility”), a leading provider of
cellular-connected IoT tank monitoring and logistics optimization
services, to offer Xact gauge readers to Tank Utility customers.
Through this strategic partnership, Xact and
Tank Utility can offer an industry-leading package of tank
monitoring products and related monitoring services to the
delivered fuels market, regardless of where customers’ tanks are
located. Tank Utility’s leading edge cellular technologies will
cover customer needs wherever reliable cellular connections are
available and Xact’s industry leading satellite-based solutions
will fill in the coverage gaps with dependable service.
“We are excited to partner with Tank Utility,”
said Michael Zapata, CEO of Schmitt Industries Inc., the parent
company of Xact. “Tank Utility has a reputation as an innovator
within the space, and we are pleased to offer our products to Tank
Utility customers.”
Tank Utility’s solution and team have saved
delivered fuel marketers over $6 million and counting in avoided
deliveries with advanced delivery efficiency data and software.
This partnership will ensure Tank Utility customers will be able to
remotely monitor every tank they serve.
“At Tank Utility, we are focused on providing
delivered fuel marketers with the data and tools needed to
consistently drop more gallons on less deliveries,” said Tank
Utility CEO Amos Epstein. “With Xact’s impressive history of
connectivity and reliability in the most remote areas of the world,
we are excited to provide our customers with a one-stop-shop to
reliably and affordably improve delivery efficiency nearly anywhere
there is a propane, fuel oil, diesel, or other liquid tank.”
About Schmitt Industries
Schmitt Industries, Inc. (“Schmitt” or the “Company”), founded
in 1987, designs, manufactures and sells high precision test and
measurement products, solutions and services through our SBS®,
Acuity® and Xact® product lines.
About Xact Tank Monitoring Systems
Xact product line includes satellite focused remote tank
monitoring products and related monitoring services for markets in
the Internet of Things (“IoT”) environment. Xact Satellite Remote
Tank Monitors include both ultrasonic and gauge reader sensors that
provide remote fill level monitoring of propane, diesel and other
tank-based liquids for tanks anywhere in the world. The Xact
systems can be used to monitor tanks as small as 125 gallons (473
liters) and as large as 90,000 gallons (340,686 liters). With
Xact, users access timely and accurate remote tank data on a
consistent schedule or by customized critical fill alarms to
optimize inventory management processes
About Tank Utility
Tank Utility has helped delivered fuel suppliers save over $6
million and counting in avoided deliveries by modernizing their
businesses to earn higher profit margins every year. With easy to
use LTE tank monitoring devices connected with industry-leading
software and analytics, Tank Utility offers real-time and
actionable insight into customer propane tank levels optimizing
every day operational efficiency. This eliminates wasted deliveries
and increases fuel drop sizes that are 39% better than industry
average. In addition, Tank Utility uniquely partners with
fuel suppliers to improve customer engagement with a branded mobile
app and value-added services that they can use to win and retain
more homeowners and commercial customers while ensuring they never
run out.
FORWARD-LOOKING STATEMENTS
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 further information regarding risks and
uncertainties associated with the Company’s business, please refer
to Schmitt’s SEC filings, including, but not limited to, its Forms
10-K, 10-Q and 8-K.
The forward-looking statements in this release
speak only as of the date on which they were made, and the Company
does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
release, or for changes to this document made by wire services or
internet service providers.
For more information contact: |
Matt Harvey, Xact Project Manager (503) 227-7908 or visit our web
site at www.xact-data.comorChris Brablc, Senior Director of
Marketing520-485-8265 or visit our web site at
www.tankutility.com |
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