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Schmitt Industries to Sell Portland, Oregon Property for USD 3.5m.

Document Cited in Related
Vincent

MANews-(C)2009-2022

Oregon, US-based test and measurement products maker Schmitt Industries, Inc. (NASDAQ: SMIT) has entered into a real estate purchase and sale agreement, whereby Tofte Farms, LLC agreed to purchase the 2765 NW Nicolai Street, Portland, Oregon property of Schmitt for a purchase price of USD 3.5m, the company said.

Tofte agreed to deposit USD 50,000 into an escrow account within three business days of the sale agreement.

The sale agreement contains customary closing conditions and representations, and remains subject to completion of due diligence by Tofte, which due diligence is to be completed on or before the date that is 45 days following the later of the execution of the Sale Agreement or delivery of closing documents to Tofte.

Subject to the due diligence review by Tofte pursuant to the Sale Agreement, it is expected that the sale will close on or before...

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