Schmitt Industries Completes Sale of 28th Street Property

Rhea-AI Summary

Schmitt Industries, Inc. (NASDAQ: SMIT) announced the successful sale of its 28^th Street building for $5.1 million, generating net proceeds of $4.7 million. The transaction closed on November 10, 2021, after a 21-day review. CEO Michael Zapata stated that this sale aligns with the company's strategic goals and enhances funding flexibility for business development, particularly for its Ample Hills segment. Schmitt is evaluating alternatives for its remaining Nicolai Street buildings in Portland.

Positive

• Generated net proceeds of $4.7 million from 28th Street property sale.
• Sale aligns with strategic value creation goals.
• Increased funding flexibility for business development.

Negative

• None.

PORTLAND, Ore., Nov. 11, 2021 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ: SMIT) today announced the sale of the 28^th Street building for $5.1 million with net proceeds of $4.7 million. The transaction was funded and closed on November 10, 2021 following a 21-day review process and 3 day close.

Michael Zapata, Chairman and CEO of Schmitt, commented, "We are pleased to announce the sale of the 28^th Street property. This sale is in line with our strategic value creation goal and provides us the funding flexibility to continue to focus on development of our business lines and strategic Ample Hills growth."

Schmitt continues to own and evaluate strategic alternatives for its remaining Nicolai Street buildings in Portland.

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

 

View original content:https://www.prnewswire.com/news-releases/schmitt-industries-completes-sale-of-28th-street-property-301422589.html

SOURCE Schmitt Industries, Inc.

FAQ

What was the sale price of Schmitt Industries' 28th Street property?

The sale price was $5.1 million.

When did Schmitt Industries complete the sale of the 28th Street property?

The sale was completed on November 10, 2021.

What are the net proceeds from the sale of the 28th Street property?

The net proceeds from the sale are $4.7 million.

What will Schmitt Industries do with the proceeds from the property sale?

The proceeds will enhance funding flexibility for business development.

What is the future of Schmitt Industries' Nicolai Street buildings?

Schmitt is currently evaluating strategic alternatives for its remaining Nicolai Street buildings.