PORTLAND, Ore., Oct. 22, 2021 /PRNewswire/ -- Schmitt
Industries, Inc. (NASDAQ: SMIT) today announced the appointment of
Alex Zyngier as the fifth member of
the Company's Board of Directors (the "Board") effective
October 22, 2021. Mr. Zyngier is an
"independent director" according to the rules of the Securities and
Exchange Commission and The NASDAQ Stock Market and his appointment
creates a majority of independent directors on the Board in
compliance with NASDAQ requirements.
Alex Zyngier is the founder of Batuta Capital Advisors, a
merchant bank focused on pursuing investment opportunities in
restructuring, turnaround and event driven situations. Mr. Zyngier
founded Batuta in 2013 and has over 25 years of experience in
corporate management. Mr Zyngier currently serves on the Board of
Atari SA (ATA.FP), EVO Transportations Resources (EVOA), Cofina and
certain other private entities. He was previously served as
Director of Torchlight Energy Resources, was Lead Director at
AudioEye, Inc., and several other private entities.
Mr. Zyngier previously worked as a Portfolio Manager, investing
in public and private distressed opportunities, at Alden Global
Capital, Deutsche Bank Co. and Goldman Sachs & Co. He was also
a strategy consultant at McKinsey & Company and previously was
a technical brand manager at Procter & Gamble, focused on Latin
America Beauty Care Products.
Mr. Zyngier has an MBA with a concentration in Finance and
Accounting from the University of
Chicago and a Bachelor's degree in Chemical
Engineering from UNICAMP in Brazil.
Effective October 22, 2021,
Steven Strom resigned from the Board
of Directors. Mr. Strom's resignation was not the result of any
disagreements with the Company on any matters relating to its
operations, policies and practices.
"We are pleased to welcome Alex to our Board of Directors," said
Michael R. Zapata, Schmitt's
Chairman and CEO. "Alex has over 20 years of investment, strategy,
and operating experience in restructuring, turnaround and event
driven situations that will serve our shareholders well."
"On behalf of the board, I'd like to thank Steven for his work
over the past two years where we have accomplished much together.
We thank him for this transition and wish him the best on all his
endeavors."
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.