American City Business Journals
A small Portland public company plans bold new direction, with new name
Schmitt Industries, a small Portland-based publicly traded company (Nasdaq: SMIT) that has been losing money and going in unexpected directions recently, made another interesting move on Wednesday. Schmitt announced plans for a merger with a Texas-based helium and hydrogen startup called Proton Green. Under what was described as a non-binding term agreement, Schmitt would be renamed Proton Green, whose shareholders would hold 95% of the company.
