GlobeNewswire Inc | Nov 19, 2021 08:30AM EST

November 19, 2021

NEW YORK, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Activist Investing LLC (together with its affiliates, Activist Investing or we), today announced the acquisition of approximately 9.9% of the outstanding shares of Schmitt Industries, Inc. (NASDAQ: SMIT) (Schmitt or the Company). David Elliot Lazar, Chief Executive Officer of Activist Investing, issued the following statement:

We are pleased to announce our significant investment in Schmitt given the meaningful opportunity we believe the Company represents and are eager to begin working with the Board of Directors and management to actively explore potential strategic options to drive shareholder value.

About Activist InvestingActivist Investing LLC is an investment fund specializing in reverse merger and other event-driven opportunities. Its CEO,David E. Lazar, brings domestic and international experience in operations, accounting, audit preparation, due diligence, capital restructuring, debt financing, and mergers and acquisitions.

Investor Contact Information:David E. Lazardavid@activistinvestingllc.com

About Schmitt Industries, Inc.Schmitt Industries, Inc. (Schmitt or the Company) is a holding company owning subsidiaries engaged in diverse business activities. The Company was originally incorporated under the laws of British Columbia, Canada, in 1984 and was reincorporated under the laws of the State of Oregon in 1995. Schmitt's operating businesses include propane tank monitoring solutions, precision measurement solutions and ice cream production and distribution. The Company operates as two reportable segments: the Measurement Segment and the Ice Cream Segment, which is comprised of Ample Hills Creamery, a beloved ice cream manufacturer and retailer based in Brooklyn, New York.