Schmitt Purchases Ample Hills Creamery, Inc. Assets

Rhea-AI Summary

On July 10, 2020, Schmitt Industries (NASDAQ: SMIT) announced the successful acquisition of Ample Hills Creamery's assets. This strategic move aims to revive nine locations in Brooklyn, New York, and rehire former employees, enhancing community engagement post-COVID-19. CEO Michael Zapata emphasized the investment in operational efficiency and the brand's nostalgic value as pivotal for long-term profitability. A strategic update regarding Ample Hills will follow in the coming months.

Positive

• Acquisition of Ample Hills Creamery's assets, expanding business operations.
• Plans to reopen nine locations and rehire former employees to boost local economy.
• Focus on operational efficiency could enhance long-term profitability.

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• None.

PORTLAND, Ore., July 10, 2020 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the "Company" or "Schmitt") announced today that it has closed the acquisition of the assets of Ample Hills Creamery, Inc. and its subsidiaries (collectively, "Ample Hills").

Ample Hills will reopen nine locations in the coming weeks, rehire Ample Hills team members, and reopen the Red Hook factory in Brooklyn, New York. The investment and hiring plan will bring the beloved Brooklyn-based ice cream company back to the community and benefit New Yorkers as the city recovers from the devastation of COVID-19.

"The safety and well-being of our Amployees is of the utmost importance as we reopen retail locations in the greater Brooklyn and New York Area. Their engagement with our loyal customers daily, the excellent flavors and stories built into every pint of ice cream, and the brand's effortless nostalgia make up this special company," said Michael Zapata, Schmitt's Chief Executive Officer and Chairman. "On behalf of the Board, we are excited to bring the Ample Hills team back, and we believe our focus on operational efficiency and investing in the brand will benefit this beloved business and allow us to navigate these unprecedented times as we create a path to long-term profitability and growth."

Schmitt will provide a strategic update on Ample Hills in the coming months as we work with the team to relaunch and reopen Ample Hills.

For more information, please visit www.amplehills.com.

About Schmitt Industries, Inc.
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.

About Ample Hills Acquisition, LLC
Ample Hills Acquisition, LLC, a subsidiary of Schmitt Industries, Inc., was founded in 2020 to purchase the assets of Ample Hills Creamery, Inc. Ample Hills is a beloved ice cream company based in Brooklyn, New York with over nine ice cream scoop locations and growing.

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.

Contact:
Schmitt Industries, Inc.
Michael R. Zapata
Chief Executive Officer
(503) 227-7908

View original content:http://www.prnewswire.com/news-releases/schmitt-purchases-ample-hills-creamery-inc-assets-301091603.html

SOURCE Schmitt Industries, Inc.

FAQ

What are the details of Schmitt Industries' acquisition of Ample Hills?

On July 10, 2020, Schmitt Industries announced it acquired Ample Hills Creamery's assets, with plans to reopen nine locations in Brooklyn.

What is the expected impact of the Ample Hills acquisition on Schmitt Industries?

The acquisition is aimed at revitalizing the Ample Hills brand and enhancing operational efficiency for long-term profitability.

When will Ample Hills locations reopen after the acquisition?

Ample Hills plans to reopen its nine locations in the coming weeks following the acquisition.

What is the stock symbol for Schmitt Industries?

The stock symbol for Schmitt Industries is SMIT.

Who is the CEO of Schmitt Industries?

Michael Zapata is the Chief Executive Officer of Schmitt Industries.