Sententia Capital Delivers Letter to Schmitt's Board of Directors Announcing Board Nominees
Schmitt Industries, Inc. (SMIT)
US:NASDAQ Investor Relations:
investor.schmitt-ind.com/investor-relations
Company Research
Source: PR Newswire
NEW YORK, Aug. 22, 2018 /PRNewswire/ -- Sententia Capital Management, LLC ("Sententia"), one of the largest shareholders of Schmitt Industries, Inc. ("Schmitt" or the "Company") (NASDAQ: SMIT) with ownership of approximately 7.5% of the outstanding shares, today announced that it has delivered a letter to Schmitt's Board of Directors.Sententia believes Schmitt is comprised of good businesses, strong brands, an attractive long-term profile, and the ability to generate strong free cash flow. However, these features remain hidden under poor leadership and a lack of strategic accountability and insight from the entrenched Company's Board of Directors (the "Board"). The Company remains significantly undervalued as the Board refuses to take appropriate steps to unlock value.Sententia has made numerous attempts to work cooperatively and privately with the Board over the past two months to effect changes at the Company they believe are necessary to grow, protect and enhance shareholder and st
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