PORTLAND, Ore., June 7, 2022
/PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the
"Company" or "Schmitt") announces that it has entered into a Real
Estate Purchase and Sale Agreement (the "Sale Agreement"), whereby
Tofte Farms, LLC ("Tofte") agreed to purchase the 2765 NW Nicolai
Street, Portland, Oregon property
(the "Property") of Schmitt for a purchase price of $3,500,000. Tofte agreed to deposit $50,000 into an escrow account within three
business days of the Sale Agreement.
"We are pleased with the pending sale-leaseback transaction for
our Nicolai Street property. The
transaction will provide us with capital to support Ample Hills'
growth while providing us the ability for our SMS businesses to
continue to perform well in service of our valued customers,"
commented Michael Zapata, CEO and
Chairman.
The Sale Agreement contains customary closing conditions and
representations, and remains subject to completion of due diligence
by Tofte, which due diligence is to be completed on or before the
date that is 45 days following the later of (a) the execution of
the Sale Agreement or (b) delivery of closing documents to
Tofte.
Subject to the due diligence review by Tofte pursuant to the
Sale Agreement, it is expected that the sale will close on or
before July 15, 2022.
There is no guarantee that a transaction will be completed.
Accordingly, there can be no assurance that the Company's efforts
to consummate the transaction contemplated by the Sale Agreement
will be successful.
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:
|
Michael R. Zapata,
President and CEO
|
|
Phillip Bosco, CFO and
Treasurer
|
|
(503)
227-7908
|
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SOURCE Schmitt Industries, Inc.