Schmitt Industries, Inc. Announces Agreement to Acquire 12,080,000 Shares Common Stock of Air Packaging Technologies, Inc

Business Wire, Dec 10, 1998

PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 10, 1998--Schmitt Industries, Inc. (Nasdaq:SMIT) 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 (OTC BB:AIRP).

APTI is a Delaware corporation headquartered 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 www.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.