PORTLAND, Ore., April 14, 2020 -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or “Schmitt”) today announced its operating results for the third quarter of Fiscal.
PORTLAND, Ore., Dec. 03, 2019 -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or “Schmitt”) today announced that its Board of Directors authorized a share repurchase.
PORTLAND, Ore., Oct. 08, 2019 -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or “Schmitt”) today announced its operating results for the first quarter of Fiscal.
Schmitt Industries, Inc. (“Schmitt”) (SMIT) today announced that it has entered into a definitive agreement to sell its Schmitt Dynamic Balance Systems (“SBS”) business line to Tosei Engineering Corp. and Tosei America, Inc. (collectively “Tosei”), for a purchase price of $10.5 million in cash, subject to customary closing adjustments. The transaction, which was approved by Schmitt’s Board of Directors, is expected to close in the fourth quarter of calendar year 2019 following a 30-day go shop period. Michael Zapata, Chairman and CEO of Schmitt, commented, “This transaction is the result of the management team’s focused work to show the potential of the SBS business line.
Schmitt Industries, Inc. (SMIT) announced today that the Company’s Board of Directors (the “Board”) has adopted a stockholder rights plan in an effort to protect its net operating loss carryforwards (“NOLs”) under Section 382 of the Internal Revenue Code. As of May 31, 2018, Schmitt had federal and state NOLs of approximately $4.2 million and $4.7 million, respectively, which could be used in certain circumstances to offset Schmitt’s future taxable income or otherwise payable taxes and therefore reduce its federal and state income tax liabilities. Schmitt’s plan is similar to plans adopted by numerous other public companies with NOLs.
If you want to know who really controls Schmitt Industries, Inc. (NASDAQ:SMIT), then you'll have to look at the makeup...
By PickYourSpots Activist investors often advocate for change, but some roll-up their sleeves and get it done. Since Sententia Capital’s Michael Zapata took over the board of small-cap Schmitt Industries, Inc. (Nasdaq:SMIT) one year ago, the Portland-based industrial firm has rapidly transformed from a sleepy family business into a potential gold mine for value investors. […]
PORTLAND, Ore., Dec. 18, 2019 -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or “Schmitt”) today announced that the Company, together with three directors.
Schmitt Industries, Inc. (SMIT) (the “Company” or “Schmitt”), in response to the current economic and market conditions due to the COVID-19 pandemic, made the following announcements. First, Schmitt has implemented COVID-19 response and business continuity plans to protect its employees and their families, to safeguard continuity of Schmitt operations, and to ensure full support to its customers and partners. Although Schmitt anticipates revenue pressure on their business lines, Schmitt believes that its strong backlog and steady revenue from Xact’s internet of things (IoT) monitoring will support revenue and operations over the coming months.
Schmitt Industries, Inc. (SMIT) (the “Company” or “Schmitt”) today announced its intention to delist its common stock from the NASDAQ Stock Market (“NASDAQ”) and list on the OTC Pink Market. Management and the board of directors are committed to maintaining transparency and accountability and, following the delisting, the Company will continue to file audited financials, disclose material news and report insider transactions. SMIT’s current shareholders will remain shareholders of the Company.
Schmitt Industries, Inc. (“Schmitt” or the “Company”) (SMIT) today announced that it has closed on the sale of its Schmitt Dynamic Balance Systems (“SBS”) business line to Tosei Engineering Corp. and Tosei America, Inc. (collectively “Tosei”), for a purchase price of $10.5 million in cash, subject to customary post-closing adjustments. In conjunction with the sale, Tosei has entered into a 10-year triple net lease of Schmitt’s 28th Avenue manufacturing facility. The sale aligns the SBS team and business line with a dedicated strategic partner and unlocks significant value for shareholders.
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
PORTLAND, Ore., July 31, 2019 -- Schmitt Industries, Inc. (NASDAQ: SMIT) today announced its financial results for the fiscal year ended May 31, 2019. For the year ended May.
Schmitt Industries, Inc. (SMIT) (the “Company” or “Schmitt”) announced today that Regina Walker has tendered her resignation as Chief Financial Officer of the Company, effective January 15, 2020. Ms. Walker is leaving Schmitt to pursue an executive position at a private, Washington based company.
Schmitt Industries Inc (SMIT) files its latest 10-K with SEC for the fiscal year ended on May 31, 2019. Continue reading...
Schmitt Industries, Inc. (SMIT) (the “Company” or “Schmitt”) is pleased to announce the appointment of Regina (“Gina”) Walker, CPA ("Ms. Walker"), as Chief Financial Officer (“CFO”) of the Company, effective immediately. “I am excited to welcome Gina to the Schmitt team. Most of all, her performance-driven philosophy aligns with Schmitt’s shift to a strong performance-based culture, and her reputation for execution and results makes her the right choice to lead our financial organization,” said Michael Zapata, Schmitt’s CEO.
PORTLAND, Ore., Jan. 15, 2020 -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the “Company” or “Schmitt”) today announced its operating results for the second quarter of Fiscal.
PORTLAND, Ore., Feb. 19, 2020 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (SMIT) (the “Company” or “Schmitt”) today announced it will delay the delisting and deregistration of its common stock (the “Common Stock”) from the NASDAQ Stock Market (“NASDAQ”). Accordingly, the Company has not filed a Form 25 with the Securities Exchange Commission and for the time being the Company’s Common Stock will continue to trade on NASDAQ.
Schmitt Industries, Inc. (SMIT) today announced that its Board of Directors (the “Board”) has appointed Mr. Michael Zapata as the President and Chief Executive Officer (“CEO”) of Schmitt Industries. Mr. Zapata, who has served as President and Executive Chairman since November 2018, will continue to focus his efforts on strengthening and growing Schmitt’s world-class businesses with the Schmitt team.
Schmitt Industries, Inc. (SMIT) today announced its Xact™ Tank Monitoring Solutions (“Xact”) business line, a leading provider of satellite-connected gauge and ultrasonic readers in the Internet of Things (”IoT”) environment, has partnered with Tank Utility, Inc. (“Tank Utility”), a leading provider of cellular-connected IoT tank monitoring and logistics optimization services, to offer Xact gauge readers to Tank Utility customers. Through this strategic partnership, Xact and Tank Utility can offer an industry-leading package of tank monitoring products and related monitoring services to the delivered fuels market, regardless of where customers’ tanks are located.