Schmitt Industries Will Attend "Discovery Expo Spring '98" in New York On June 18, as well as the Regional Red Chip Review Conference On June 19.NEW YORK--(BUSINESS WIRE)--June 11, 1998--Schmitt Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SMIT imp. & p. 1. imp. & p. p. os> of Smite. Smit with the beauty of so fair a scene. - Cowper. 3d. pers. 1. 3d. pers. sing. pres. os> of Smite. ) announces it will be attending the "Discovery Expo Spring '98" in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. on June 18, as well as the regional Red Chip Review Conference on June 19. Based in Portland, Ore., Schmitt is the world's leading manufacturer of automatic balancing systems for rotating machinery primarily in the machine tool, precision grinding, and grinding machine grinding machine Machine tool that uses a rotating abrasive grinding wheel to change the shape or dimensions of a hard, usually metallic, workpiece. Grinding is the most accurate of all the basic machining processes. industries worldwide. Accurate balancing of grinding wheels and other rotating equipment is critical to the manufacturing process and achieving consistent quality. Schmitt also designs, manufactures, and markets precision laser measurement systems used to measure surface microroughness in the computer hard disk and silicon wafer manufacturing processes. The laser measurement business is based on proprietary laser light-scatter technology and allows for performing critical surface measurement more accurately and rapidly than any previous technology or device. Schmitt is experiencing improved demand for this technology, and the business is growing. Schmitt's two leading products in the light-scatter technology are the TMS TMS Transcranial Magnetic Stimulation (alternative medicine for depression) TMS Test Match Special (sports - cricket) TMS Texas Motor Speedway TMS Transportation Management System TMS Toyota Motor Sales series and the DTM DTM dermatophyte test medium. series. The TMS-2000 scatterometer provides the industry's most precise texture measurements with +/- 0.2 angstrom angstrom (ăng`strəm), abbr. Å, unit of length equal to 10−10 meter (0.0000000001 meter); it is used to measure the wavelengths of visible light and of other forms of electromagnetic radiation, such as ultraviolet repeatability at a speed of up to 50 test points per second, allowing for full surface texture characterization of a hard disk in less than two minutes. The DTM-2000 is an automated optical scatterometer delivering precise non-destructive roughness measurements of the park and fly zone of a hard disk with +/- 0.4 angstroms repeatability. It scans both sides of the disk simultaneously at a speed of one disk every three seconds, or up to 20,000 disks per day, allowing for affordable 100% inspection. Key drivers for the TMS and DTM products will not only be the importance of quality and productivity for hard disk manufacturers, but also the expected dramatic growth in hard disk capacity: Over the next five years, hard disk unit demand is forecast to grow 16%, compounded annually, while hard disk storage capacity is expected to grow 44%, compounded annually, driven by larger disk size and increasing disks per drive. Over the past four years, SMIT has grown its revenue at a compound annual rate of 58%. The information contained in this release includes "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934, and is subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by those sections. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance; actual results may differ materially from those projected in the forward-looking statements as a result of various factors including, but not limited to, those set forth in the Company's Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed with the Securities and Exchange Commission on June 6, 1996. CONTACT: Schmitt Industries Linda Case, 503/227-7908 |
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