Schmitt Industries and Directors Acquire 509,331 Shares of SMIT
December 18 2019 - 9:00AM
Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or
“Schmitt”) today announced that the Company, together with three
directors (“Directors”) of the Schmitt Board of Directors (the
“Board’), acquired 509,331 shares of common stock of Schmitt (the
“Shares”) from Walter Brown Pistor. Prior to the acquisition of the
Shares (the “Acquisition”), Mr. Pistor was the Company’s second
largest shareholder. Following the Acquisition, Mr. Pistor no
longer holds any shares in Schmitt. The aggregate consideration
paid by Schmitt and the Directors in the Acquisition was
$1,655,325.75, or $3.25 per share.
The Company purchased the Shares from Mr. Pistor after Mr.
Pistor expressed his desire to sell his entire position in Schmitt
to Michael Zapata, the Chairman of the Board and CEO of Schmitt.
Mr. Zapata, together with the rest of the Board, determined it was
in the best interest of Schmitt shareholders for Schmitt to
purchase the majority of the stake, while providing that Mr. Zapata
and two other Directors participate. There is no change in the
Company's business plan or strategy as a result of the Acquisition,
including the Company’s current $2 million share repurchase plan,
as previously disclosed on the Current Report on Form 8-K, filed
with the Securities and Exchange Commission on December 3,
2019.
The Shares were purchased as follows: Schmitt purchased 365,490
Shares, or 8.9% of the Company’s outstanding shares; Mr. Zapata,
through Sententia Capital Management, LLC, purchased 123,456
Shares, or 3%; Director Andy Hines purchased 15,385 Shares, or
0.4%; and Director Steven Strom purchased 5,000 Shares, or
0.1%.
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.
Contact:Schmitt Industries, Inc.Michael R.
ZapataChief Executive Officer (503) 227-7908
Schmitt Industries (NASDAQ:SMIT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Schmitt Industries (NASDAQ:SMIT)
Historical Stock Chart
From Sep 2023 to Sep 2024