Schmitt Industries, Inc. Announces Record Date for Its Rights Offering to Shareholders
November 13 2017 - 4:10PM
Schmitt Industries, Inc. (NASDAQ:SMIT) (the “Company”) today
announced that the record date for its previously announced rights
offering will be November 27, 2017.
The net proceeds from the rights offering, for which the Company
has filed a registration statement with the Securities and Exchange
Commission (the “SEC”), will be used for general corporate
purposes, to accelerate the timing of specific product development
and to enhance the Company’s sales and marketing initiatives across
the Company’s three product lines. The subscription price and the
subscription period have not yet been determined and will be
included in the final prospectus that will be filed with the
SEC.
The registration statement relating to the rights offering has
been filed with the SEC but has not yet become effective. The
securities may not be sold, nor may offers to buy be accepted,
before the registration statement is declared effective. At that
time, a copy of the prospectus forming a part of the registration
statement may be obtained free of charge at the website maintained
by the SEC at www.sec.gov or by contacting the Information Agent,
Broadridge Corporate Issuer Solutions, Inc., by email at
Shareholder@Broadridge.com or by telephone at 800-733-1121. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful before the registration or
qualification under the securities laws of any such
jurisdiction.
About Schmitt Industries
Schmitt Industries, Inc., an Oregon corporation, designs,
manufactures and sells high precision test and measurement products
for two main business segments: the Balancer Segment and the
Measurement Segment. For the Balancer Segment, the Company designs,
manufactures and sells computer-controlled vibration detection,
balancing and process control systems for the worldwide machine
tool industry, particularly for grinding machines. For the
Measurement Segment, the Company designs, manufactures and sells
laser and white light sensors for distance, dimensional and area
measurement for a wide variety of commercial applications and
measurement products that accurately measure the fill levels of
tanks holding propane, diesel and other tank-based liquids and
transmit that data via satellite to a secure web site for display.
The Company also provides sales and service for Europe and Asia
through its wholly owned subsidiary, Schmitt Europe Limited (SEL),
located in Coventry, England and through its sales representative
office located in Shanghai, China.
CORPORATE OFFICE:2765 NW NICOLAI ST.●
PORTLAND, OREGON 97210 ● 503/227-7908 ●
FAX 503/223-1258
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