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| SMIT > SEC Filings for SMIT > Form 8-K on 24-Sep-2009 | All Recent SEC Filings |
24-Sep-2009
Entry into a Material Definitive Agreement, Financial Statements and Exhib
On September 23, 2009, Schmitt Industries, Inc. ("Schmitt") entered into an Asset Purchase Agreement (the "Agreement") with Optical Dimensions, a sole proprietorship ("Optical") to acquire all of the assets of Optical (the "Transaction"). Upon closing of the Transaction, Schmitt will own and operate Optical's business, including its patented laser light scatter surface roughness measurement technology. The Agreement provides that Schmitt will pay cash of $100,000 and issues shares of common stock of Schmitt equal to $100,000 in value based on the average closing price of Schmitt's common stock, as reported on the NASDAQ National Market, over the five-day period immediately prior to closing. The Transaction is expected to close within the next six days.
Schmitt has issued a press release entitled "Schmitt Industries Announces Agreement to Acquire Assets of Optical Dimensions." A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K.
(d) Exhibits
99.1 Press release entitled "Schmitt Industries Announces Agreement to Acquire Assets of Optical Dimensions" dated September 24, 2009.
Forward Looking Statements
This Current Report on Form 8-K, including its exhibits, contains forward-looking statements. Forward-looking statements typically are identified by use of terms such as "may," "will," "should," "plan," "expect," "anticipate," "intend," "estimate" and similar words, although some forward-looking statements are expressed differently. Forward-looking statements represent our management's judgment regarding future events. Although Schmitt believes that the expectations reflected in such forward-looking statements are reasonable, Schmitt can give no assurance that such expectations will prove to be correct. All statements other than statements of historical fact included on this Current Report on Form 8-K are forward-looking statements. Schmitt cannot guarantee the accuracy of the forward-looking statements, and you should be aware that Schmitt's actual results could differ materially from those contained in the forward-looking statements due to a number of factors, including the statements under "Risk Factors" contained in Schmitt's Annual Report on Form 10-K file with the Securities and Exchange Commission.
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