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PORTLAND, Ore., April 30, 2019 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ: SMIT) today announced results from a recent survey the Company conducted regarding its Schmitt Dynamic Balance System® (“SBS”) product line and the Company’s service in the grinding industry. Of the five main competitors in the balancer products space across the North American, European, and Asian markets:
The grinding industry is evolving in the pursuit of increased efficiency, higher production, and dependable feedback from balancer components. These grinding customers require high quality and dependable support to ensure their machines are operating at peak performance. Further, customers value responsive service to reduce down time and to optimize machine performance.
As a partner with many grinding customers, SBS products are sold to machine tool manufacturers (OEMs), machine tool rebuilders and grinding machine customers worldwide.
“This survey confirms our understanding of the grinding industry and their desire for both high quality and superior service. The SBS Team, under the leadership of Donna Witkowski, continues to do an incredible job at ensuring our products and service are of the highest quality,” commented Michael Zapata, Executive Chairman and President. “Together with our Engineering, Sales, and Operations departments, led by Kelvin Woltring, Tim Wood and Patrick Handran, the SBS Team is dedicated to leading the industry to best support our customers.”
“Additionally, we view the Product Depth ranking as an opportunity to partner with select high quality manufacturers to expand our depth and heighten our offerings for continued support of our customers. We look forward to enhancing these survey findings with customer checks.”
About Schmitt Industries
Schmitt Industries, Inc. (“Schmitt” or the “Company”) designs, manufactures and sells high precision test and measurement products, solutions and services through our SBS®, Acuity® and Xact® product lines, which are reported in two business segments: the Balancer segment and the Measurement segment. Through our SBS product line within 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. The Company also provides SBS 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. In the Measurement segment, the Company has two core product lines: Acuity, which consists of sales of laser and white light sensor distance measurement and dimensional sizing products, and Xact, which includes ultrasonic-based remote tank monitoring products and related monitoring revenues for markets in the Internet of Things environment. The Xact products measure the fill levels of tanks holding propane, diesel and other tank-based liquids and the related monitoring services, which includes transmission of fill data from the tanks via satellite to a secure web site for display.
This document may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. These statements are based upon current expectations, estimates and projections about the Company’s business that are based, in part, on assumptions made by management. 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, including, but not limited to, general economic conditions and global financial concerns, the volatility of the Company’s primary markets, the ability to develop new products to satisfy changes in consumer demands, the intensity of competition, increased pricing pressure from both competitors and customers, the effect on production time and overall costs of products if any of our primary suppliers are lost or if a primary supplier increases the prices of raw materials or components, the ability to ramp up manufacturing to satisfy increasing demand, maintenance of a significant investment in inventories in anticipation of future sales, existing cash levels which may not be sufficient to fund future growth, fluctuations in quarterly and annual operating results, risks associated with operating a global business including risks from international sales, reduction in demand or loss of significant customers, changes in foreign import tariffs and currency fluctuations including the United Kingdom’s likely exit from the European Union, ability to reduce operating costs if sales decline, attracting and retaining key management and qualified technical and sales personnel, impact resulting from the actions of activist shareholders, changes in effective tax rates, protection of intellectual property rights and the increased costs due to changes in securities laws and regulations.
For further information regarding risks and uncertainties associated with the Company’s business, please refer to Schmitt’s SEC filings, including, but not limited to, its Forms 10-K, 10-Q and 8-K.
The forward-looking statements in this release speak only as of the date on which they were made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes to this document made by wire services or internet service providers.
For more information contact:
|Donna Witkowski, SBS President
(503) 227-7908 or visit our web site at www.schmitt-ind.com