SCHMITT INDUSTRIES CLOSES SALE AGREEMENT FOR NICOLAI STREET PROPERTY

Rhea-AI Summary

On July 18, 2022, Schmitt Industries (NASDAQ: SMIT) announced the successful closure of a Real Estate Purchase and Sale Agreement with Tofte Farms, LLC, acquiring the property at 2765 NW Nicolai Street, Portland, Oregon, for $3,500,000. The net proceeds from this transaction are estimated to be $3,200,000 for the company. Founded in 1987, Schmitt specializes in precision test and measurement products through its Acuity and Xact product lines and operates Ample Hills Creamery.

Positive

• Closure of property sale agreement enhances liquidity with estimated net proceeds of $3,200,000.
• Strategic move could strengthen financial position and support further investments.

Negative

• None.

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 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

 

View original content:https://www.prnewswire.com/news-releases/schmitt-industries-closes-sale-agreement-for-nicolai-street-property-301587845.html

SOURCE Schmitt Industries, Inc.

FAQ

What property did Schmitt Industries sell?

Schmitt Industries sold the property located at 2765 NW Nicolai Street, Portland, Oregon.

What was the sale price of the property sold by Schmitt Industries?

The property was sold for $3,500,000.

How much net proceeds will Schmitt Industries receive from the property sale?

Schmitt Industries estimates that it will receive net proceeds of $3,200,000 from the sale.

When did Schmitt Industries announce the closure of the property sale?

The announcement was made on July 18, 2022.

What company is associated with the stock symbol SMIT?

The stock symbol SMIT is associated with Schmitt Industries.