PORTLAND, Ore., June 13--Schmitt Industries Inc. has signed a Letter of Intent for the acquisition of 100 percent of the stock of Acuity Research Inc. Schmitt industries will exchange about 275,000 shares of its stock for all 5,050,000 shares of Acuity. Acuity Research designs, manufactures and markets precision dimensional laser measurement sensors. The company started in 1992 and is currently profitable; selling at the rate of $600,000 to $750,000 per year. Schmitt plans to finance additional development of laser precision dimensional measurement devices through Acuity. The acquisition of Acuity fits into an important technological laser measurement area within Schmitt, said Wayne Case, president and CEO of Schmitt. The merger of the technologies between the two companies results in precision dimensional and microroughness measurement products that will add substantially to the growth rate of sales and profits for both Acuity and Schmitt. We are pleased with both the technology acquired and the top quality personnel who will be joining the Schmitt team.