PORTLAND, Ore., Dec. 22, 2017 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ:SMIT) (the “Company”)
today announced the completion of its Subscription Rights Offering (the “Rights Offering”) in which 998,636 common shares will be
issued, resulting in gross proceeds to the Company of $2,496,590. Pursuant to the Rights Offering, the Company issued one
right for each common share to the shareholders of record as of November 27, 2017. Holders of the rights were entitled to
purchase common shares by submitting three rights and $2.50 for each share to be purchased. The Rights Offering expired at
5:00 pm Eastern Time on December 20, 2017.
Preliminary results indicate that the Company received total subscriptions of approximately $5.4 million (including
over-subscription requests and notices of guaranteed delivery) for 215% of the 998,636 shares available to be issued pursuant to
the primary subscription. Approximately 45% of the shares to be issued were subscribed for in the primary subscription. The
over-subscription requests exceeded the over-subscription shares available. As a result, the available over-subscription shares
will be allocated pro rata among those fully exercising record date shareholders based on the number of rights originally
issued to them by the Company. The new common shares will be issued on or about December 27, 2017.
The Board of Directors thanks all our subscribing shareholders, as well as the full service brokers and financial advisers who
assisted our shareholders throughout the Rights Offering.
The information herein is not complete and is subject to change. This announcement shall not constitute an offer to sell, or
the solicitation of an offer to buy, the subscription rights or the underlying Common Stock, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification
under the securities laws of any such state. The offering will be made only by means of a prospectus which is part of the
Registration Statement filed with the SEC.
About Schmitt Industries
Schmitt Industries, Inc., an Oregon corporation, designs, manufactures and sells high precision test and measurement products
for two main business segments: the Balancer Segment and the Measurement Segment. For the Balancer Segment, the Company designs,
manufactures and sells computer-controlled vibration detection, balancing and process control systems for the worldwide machine
tool industry, particularly for grinding machines. For the Measurement Segment, the Company designs, manufactures and sells laser
and white light sensors for distance, dimensional and area measurement for a wide variety of commercial applications and
measurement products that accurately measure the fill levels of tanks holding propane, diesel and other tank-based liquids and
transmit that data via satellite to a secure web site for display. The Company also provides sales and service for Europe and Asia
through its wholly owned subsidiary, Schmitt Europe Limited (SEL), located in Coventry, England and through its sales
representative office located in Shanghai, China.
CORPORATE OFFICE:
2765 NW NICOLAI ST.● PORTLAND, OREGON 97210 ● 503/227-7908 ● FAX 503/223-1258
