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PORTLAND, Ore., Aug. 06, 2019 (GLOBE NEWSWIRE) -- Schmitt Industries, Inc. (NASDAQ: 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. Tank Utility’s leading edge cellular technologies will cover customer needs wherever reliable cellular connections are available and Xact’s industry leading satellite-based solutions will fill in the coverage gaps with dependable service.
“We are excited to partner with Tank Utility,” said Michael Zapata, CEO of Schmitt Industries Inc., the parent company of Xact. “Tank Utility has a reputation as an innovator within the space, and we are pleased to offer our products to Tank Utility customers.”
Tank Utility’s solution and team have saved delivered fuel marketers over $6 million and counting in avoided deliveries with advanced delivery efficiency data and software. This partnership will ensure Tank Utility customers will be able to remotely monitor every tank they serve.
“At Tank Utility, we are focused on providing delivered fuel marketers with the data and tools needed to consistently drop more gallons on less deliveries,” said Tank Utility CEO Amos Epstein. “With Xact’s impressive history of connectivity and reliability in the most remote areas of the world, we are excited to provide our customers with a one-stop-shop to reliably and affordably improve delivery efficiency nearly anywhere there is a propane, fuel oil, diesel, or other liquid tank.”
About Schmitt Industries
Schmitt Industries, Inc. (“Schmitt” or the “Company”), founded in 1987, designs, manufactures and sells high precision test and measurement products, solutions and services through our SBS®, Acuity® and Xact® product lines.
About Xact Tank Monitoring Systems
Xact product line includes satellite focused remote tank monitoring products and related monitoring services for markets in the Internet of Things (“IoT”) environment. Xact Satellite Remote Tank Monitors include both ultrasonic and gauge reader sensors that provide remote fill level monitoring of propane, diesel and other tank-based liquids for tanks anywhere in the world. The Xact systems can be used to monitor tanks as small as 125 gallons (473 liters) and as large as 90,000 gallons (340,686 liters). With Xact, users access timely and accurate remote tank data on a consistent schedule or by customized critical fill alarms to optimize inventory management processes
About Tank Utility
Tank Utility has helped delivered fuel suppliers save over $6 million and counting in avoided deliveries by modernizing their businesses to earn higher profit margins every year. With easy to use LTE tank monitoring devices connected with industry-leading software and analytics, Tank Utility offers real-time and actionable insight into customer propane tank levels optimizing every day operational efficiency. This eliminates wasted deliveries and increases fuel drop sizes that are 39% better than industry average. In addition, Tank Utility uniquely partners with fuel suppliers to improve customer engagement with a branded mobile app and value-added services that they can use to win and retain more homeowners and commercial customers while ensuring they never run out.
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.
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:||Matt Harvey, Xact Project Manager
(503) 227-7908 or visit our web site at www.xact-data.com
Chris Brablc, Senior Director of Marketing
520-485-8265 or visit our web site at www.tankutility.com