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SCHMITT INDUSTRIES, INC. ANNOUNCES Acquisition
OF 12,080,000 Million AIR PACKAGING TECHNOLOGIES, INC.
SHARES
December 10, 1998 NASDAQ: SMIT
Schmitt Industries, Inc. is pleased to announce that it
has entered into agreements to acquire a
total of 12,080,000 shares common stock of Air Packaging
Technologies, Inc. (APTI) from foreign investors in
exchange for 560,000 newly issued shares of Schmitt
common stock. The Schmitt shares are being issued
pursuant to SEC Regulations and accordingly will
generally not be tradable for a period of one year.
As a result of these transactions, Schmitt would own
approximately 17% of the outstanding shares of APTI.
APTI's shares are traded on the over-the-counter
bulletin board under the symbol AIRP.
APTI is a Delaware corporation headquarters in
California engaged in the design, manufacture,
marketing and sale of"Air Box" patented packaging
Systems for use in the semiconductor, electronic,
medical and dental markets worldwide.
Existing customers of APTI include Motorola, LSI, Texas
Instruments and VLSI in the semiconductor markets. APTI
is currently working on developing products that address
the medical and dental markets. Information about APTI
and its products can be found on the Web at
airbox.com
It is contemplated that Schmitt will provide APTI with
marketing and sales direction for its products and APTI
will offer Schmitt a new diversification into markets
related to Schmitt's existing markets and customers.
Wayne A. Case, President and Chairman of the Board of
Schmitt, has been elected to the Board of APTI.
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 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 8-K filed with the Securities and Exchange Commission on June 6, 1996 and the Company's periodic filings on forms 10-K and 10-Q.
For more information contact:
Linda M. Case, Investor Relations (503) 227-7908
Rich Kaiser, International Investor Relations AIRP-757-631-1094
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