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Schmitt Purchases Ample Hills Creamery, Inc. Assets

PORTLAND, Ore., July 10, 2020 /PRNewswire/ -- Schmitt Industries, Inc. (NASDAQ: SMIT) (the "Company" or "Schmitt") announced today that it has closed the acquisition of the assets of Ample Hills Creamery, Inc. and its subsidiaries (collectively, "Ample Hills").Ample Hills will reopen nine locations in the coming weeks, rehire Ample Hills team members, and reopen the Red Hook factory in Brooklyn, New York. The investment and hiring plan will bring the beloved Brooklyn-based ice cream company back to the community and benefit New Yorkers as the city recovers from the devastation of COVID-19."The safety and well-being of our Amployees is of the utmost importance as we reopen retail locations in the greater Brooklyn and New York Area. Their engagement with our loyal customers daily, the excellent flavors and stories built into every pint of ice cream, and the brand's effortless nostalgia make up this special company," said Michael Zapata, Schmitt's Chief Executive Officer and Chairman. "On behalf of the Board, we are excited to bring the Ample Hills team back, and we believe our focus on operational efficiency and investing in the brand will benefit this beloved business and allow us to navigate these unprecedented times as we create a path to long-term profitability and growth."Schmitt will provide a strategic update on Ample Hills in the coming months as we work with the team to relaunch and reopen Ample Hills. For more information, please visit www.amplehills.com.
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