SCHMITT INDUSTRIES ANNOUNCES AMPLE HILLS FURLOUGH
Schmitt Industries (NASDAQ: SMIT) announced the immediate furlough of Ample Hills Creamery for at least a week as the company searches for additional investment capital. CEO Michael Zapata indicated that all options had been explored, but the firm is now actively seeking discussions with potential investors to avoid a more permanent shutdown. There is no guarantee that sufficient funds will be raised, which could lead to indefinite closure of operations.
- Active efforts to secure additional capital
- Open to discussions with potential investors
- Immediate furlough of Ample Hills Creamery operations
- Uncertainty regarding the ability to raise necessary capital
- Potential for indefinite shutdown if capital is not secured
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, but unfortunately, we have reached a point where this is our only option," commented Michael Zapata, CEO and Chairman. "We are actively talking with potential investors and partners and open to discussions with other interested parties to prevent a full shut down.
Schmitt is a holding company owning subsidiaries engaged in diverse business activities. Schmitt's operating businesses include Schmitt Measurement Systems providing remote tank level monitoring solutions, and precision measurement solutions, and 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.schmittindustries.com
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SOURCE Schmitt Industries, Inc.
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