SCHMITT INDUSTRIES ANNOUNCES AMPLE HILLS FURLOUGH
12/19/2022 - 10:14 AM
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.
About Schmitt Industries
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.
SMIT Rankings
N/A Ranked by Stock Gains
SMIT Stock Data
Industry
Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables
Sector
Manufacturing
Tags
Industrial Machinery, Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables , Producer Manufacturing, Manufacturing
Country
US
City
Portland
About SMIT
schmitt industries, inc. (nasdaq: smit) designs, manufactures and markets highly precise test, measurement and process control systems for a wide variety of industrial and commercial applications, including grinding process monitoring and control, surface finish and microroughness measurement, laser-based non-contact dimensional and distance measurement lasers and remote propane tank level monitoring. schmitt industries, inc. 2765 nw nicolai st. portland, or. usa 97210 tel: 503-227-7908 fax: 503-223-1258 schmitt europe, ltd. 2 leofric court progress way coventry cv3 2nt uk www.schmitteurope.com tel: +44 (0) 2476 651774 fax: +44 (0) 2476 450456 schmitt china shanghai sbs service center rm 1105, paris shiyuan mansion no.500 south xiang-yang road shanghai, 200031 china. tel: +86 (21) 60896337