Portland, Ore. – Schmitt Industries, Inc. (NASDAQ: SMIT) today announced the introduction of its new Xact™ Tank Monitoring System at the Western Propane Trade Show and Convention in Reno, Nevada.  The Xact™ system uses ultrasonic technology to accurately measure industrial propane tank fill levels.  The system then transmits that data via the Globalstar™ satellite network and the Internet and displays the tank information on a desktop PC, cell phone or PDA.  Customers will now have a convenient and cost effective way to determine fill levels and receive instant status alarms for any tank located anywhere in the world.

The Xact™ tank monitoring system is comprised of three components: the tank sensor, the satellite transmitter and the network control center.  The patented Xact™ ultra sonic sensor is externally mounted on the bottom of the tank using magnets for easy positioning.  The sensor sends an ultrasonic signal through the tank wall and reads the return echo from the surface of the liquid propane.  That data is automatically transmitted via a satellite network and the Internet to the Xact™ network control center, which determines the fill level and displays the information either on a secure website, a customer’s management information system or any other location the customer specifies. 

Advantages of the new system include robust design and easy external mounting, no reliance on phone lines, temperature adjusted readings for accuracy, built in alarm levels and automatic low tank level messaging, operational in virtually any environment (-30°C to +60°C), three year battery operation, secure data transmission and easy integration into management information systems and delivery schedule programs, all backed by Schmitt Industries’ world class customer service. 

“Now more than ever, Propane marketers have an urgent need to reduce capital costs, improve delivery efficiencies and provide more effective inventory control and management,” commented Wayne A. Case, President and CEO of Schmitt Industries.  “The Xact tank monitoring system can help marketers accomplish these goals in a surprisingly cost effective package and we are very excited to begin making this product available to the propane industry.”

About Schmitt Industries

Schmitt Industries, Inc. designs, manufactures and markets computer controlled balancing equipment (the Balancer segment) primarily to the machine tool industry.  Through its wholly owned subsidiary, Schmitt Measurement Systems, Inc., the Company designs, manufactures and markets precision laser measurement systems used in surface measurement applications and dimensional measurement applications and ultrasonic measurement products for remote monitoring of chemical storage tanks (the Measurement segment).  The Company also sells and markets its products in Europe through its wholly owned subsidiary, Schmitt Europe Ltd. located in the United Kingdom.

FORWARD-LOOKING STATEMENTS

The statements in this release, including remarks by Wayne Case regarding the needs of propane marketers and the ability of the Xact™ product to help marketers accomplish their goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such statements are based upon current expectations, estimates and projections about the Company’s business that are based, in part, on assumptions made by management.  These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.  Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors including but not limited to the uncertainties of the Company’s new product introductions, the risks of increased competition and technological change in the Company’s industry, and other factors detailed in the Company’s SEC filings.  In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions.  Such forward-looking statements speak only as of the date on which they were made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or to address changes to this release made by wire services or internet service providers.