Schmitt Industries, Inc., together with its subsidiaries, designs, manufactures, and sells test and measurement products worldwide. The company operates through two segments, Measurement and Ice Cream. The Measurement segment designs, manufactures, and sells laser and confocal chromatic white light sensors for distance measurement and dimensional sizing products under the Acuity brand name for various industrial applications, including manufacturing, lumber production, steel casting, glass and paper production, medical imaging, crane control and micron-level part, and surface inspection. It also offers AR550 high speed laser sensor for application in vibration measurements, scanning of roads, vehicle crash tests, and ballistic measurements; AS2100, an accurate distance sensor, used in metal production, transportation industry, process control, and fill level measurement applications; and satellite focused remote tank monitoring products under the Xact brand that measure the fill levels of tanks holding propane, diesel, and other tank-based liquids, as well as related monitoring services, including transmission of fill data from the tanks via satellite to a secure website for display. The Ice Cream segment manufactures, wholesales, and retails ice creams and ice cream cakes, as well as sells through its website; and serves ice cream at catering events and holds various community-building events comprising ice cream classes, and live comedy and music performances through Ample Hills Creamery brand. Schmitt Industries, Inc. was founded in 1984 and is headquartered in Portland, Oregon.
IPO Year:
Exchange: NASDAQ
Website: schmittindustries.com
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4 - SCHMITT INDUSTRIES INC (0000922612) (Issuer)
4 - SCHMITT INDUSTRIES INC (0000922612) (Issuer)
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4 - SCHMITT INDUSTRIES INC (0000922612) (Issuer)
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PORTLAND, Ore., Dec. 19, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) today announced that Ample Hills Creamery will be shutting down operations for at least a week, effective immediately. This action is required while the company seeks the additional investment capital required for it to continue operations. There is no assurance that additional capital will be obtained and if the company cannot raise sufficient capital, it will be required to shut down operations indefinitely. "We have an incredibly talented and hardworking team, which makes this furlough extremely difficult. We have explored many options and paths to rase the needed capital without having to take this step
PORTLAND, Ore., Nov. 16, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) today announced the appointment of Kristi Frank as the fourth member of the Company's Board of Directors (the "Board") effective November 14, 2022. Ms. Frank is an "independent director" according to the rules of the Securities and Exchange Commission and The Nasdaq Stock Market and her appointment creates a majority of independent directors on the Board in compliance with Nasdaq requirements. Kristi Frank is an entrepreneur and marketing expert. She is the co-founder of YogaSix Utah and the Host and co-creator of the renowned docuseries, 'The Millionaire Within Her'. Kristi is well known for mentoring ent
PORTLAND, Ore., Oct. 20, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the "Company" or "Schmitt") provides updates following its recent 10-K filing, and discusses its proposed rights offering and receipt of Nasdaq deficiency notices. Fiscal 2022 Earnings HighlightsSchmitt announced its operating results for the fiscal year ended May 31, 2022. Highlights and year-over-year changes include: Consolidated revenues increased $4,292,751, or 76.6%, to $9,893,210.Ice Cream Segment revenue increased $4,272,050, or 105.7%, to $8,315,486.Gross margin increased to 51.2% for the fiscal year ended May 31, 2022, as compared to 36.9%.Operating expenses increased $3,188,154, or 25.5%, to $15
PORTLAND, Ore., Sept. 20, 2022 /PRNewswire/ -- On September 14, 2022, Schmitt Industries, Inc. (NASDAQ:SMIT) (the "Company" or "Schmitt") received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it did not file its Annual Report on Form 10-K for the fiscal year ended May 31, 2022 (the "Form 10-K") by September 13, 2022, as required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5250(c)(1). Under Nasdaq rules, the Company has 60 calendar days, or until November 13, 2022, to submit to Nasdaq a plan to regain compliance with Nasdaq rules. If Nasdaq accepts the plan, the Company wil
PORTLAND, Ore., July 25, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the "Company" or "Schmitt") in response to certain questions regarding the announcement of the potential reverse merger (the "Merger") with Proton Green, LLC ("Proton Green") and the spin-off of Schmitt's Ample Hills business (the "Spin-Off") is issuing this press release to provide additional context on the potential transaction. Michael Zapata, Chairman of the Board, President and CEO of Schmitt Industries commented, "We are excited to announce this potential reverse-merger with Proton Green as we continue to seek paths to maximize value for Schmitt shareholders. The board has evaluated numerous opportuni
Term sheet for reverse takeover transaction for one of the leading helium and hydrogen production and carbon sequestration hubs in North America PORTLAND, Ore., July 20, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the "Company" or "Schmitt") today announced that it entered into a non-binding term sheet ("Term Sheet") which contemplates the reverse merger ("Merger") with Proton Green, LLC ("Proton Green") and the spin-off of Schmitt's Ample Hills business (the "Spin-Off"). Highlights: Under the merger agreement, Proton Green would become a wholly owned subsidiary of SchmittThe Company would be renamed "Proton Green Corporation" and the common stock would continue to trade on
PORTLAND, Ore., July 18, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the "Company" or "Schmitt") announces that it has closed the Real Estate Purchase and Sale Agreement (the "Sale Agreement") with Tofte Farms, LLC ("Tofte") to purchase the 2765 NW Nicolai Street, Portland, Oregon property (the "Property") of Schmitt for a purchase price of $3,500,000. Net proceeds are estimated to be $3,200,000 for Schmitt. 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 m
PORTLAND, Ore., June 16, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the "Company" or "Schmitt") today provided an update on Ample Hills and strategic transactions. Ample Hills ice cream sales have experienced a strong start to the summer, with May same-store-sales up 34% from $615 thousand as compared to $460 thousand same month prior year; and year-to-date same-store-sales up 15% as compared to the same period in the prior year. Ample Hills also announced a new lease in Manhattan's historic Greenwich Village. This lease brings the new lease total to five, including the recently announced Upper West Side location that is expected to open in July, as well as a Long Island Ci
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 S
PORTLAND, Ore., May 18, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the "Company" or "Schmitt") announced that it has entered into a letter of intent to sell all assets related to its Xact business line. This potential transaction is subject to several contingencies, including the negotiation and execution of definitive transaction agreement, the completion of due diligence to the satisfaction of the acquirer and Company board approval. 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 letter of intent will be successful. About Schmitt Industries Sch
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PORTLAND, Ore., Nov. 16, 2022 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ:SMIT) today announced the appointment of Kristi Frank as the fourth member of the Company's Board of Directors (the "Board") effective November 14, 2022. Ms. Frank is an "independent director" according to the rules of the Securities and Exchange Commission and The Nasdaq Stock Market and her appointment creates a majority of independent directors on the Board in compliance with Nasdaq requirements. Kristi Frank is an entrepreneur and marketing expert. She is the co-founder of YogaSix Utah and the Host and co-creator of the renowned docuseries, 'The Millionaire Within Her'. Kristi is well known for mentoring ent
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
PORTLAND, Ore., Jan. 14, 2021 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the "Company" or "Schmitt") today announced its operating results for the fiscal quarter ended November 30, 2020. The operating results for the six months ended November 30, 2020 include first quarter financial results from Schmitt's July 9, 2020 acquisition of Ample Hills Creamery ("Ample Hills"). Highlights of the three months and six months ended November 30, 2020 Consolidated revenues increased $996,610, or 96.5%, to $2,029,712 for the three months ended November 30, 2020, as compared to $1,033,102 for the three months ended November 30, 2019. For the six months ended November 30, 2020, consolidate
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Communications Systems, Inc. (NASDAQ:JCS) ("CSI" or the "Company") today highlighted steps to enhance the composition of its board of directors following the closing of the proposed merger with Pineapple Energy LLC ("Pineapple"). Following the completion of the proposed merger with Pineapple, CSI will be renamed "Pineapple Holdings, Inc." ("Pineapple Holdings"), will trade under the new Nasdaq ticker symbol "PEGY," and will be focused on the growing home solar industry, primarily operating through its Hawaii Energy Connection and E-Gear subsidiary businesses. The CSI post-merger board of directors will be comprised of seven members, four of whom will be independent directors. To enhance th
NEW YORK, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Activist Investing LLC (together with its affiliates, "Activist Investing" or "we"), today announced the acquisition of approximately 9.9% of the outstanding shares of Schmitt Industries, Inc. (NASDAQ:SMIT) ("Schmitt" or the "Company"). David Elliot Lazar, Chief Executive Officer of Activist Investing, issued the following statement: "We are pleased to announce our significant investment in Schmitt given the meaningful opportunity we believe the Company represents and are eager to begin working with the Board of Directors and management to actively explore potential strategic options to drive shareholder value." About Activist InvestingActivist