MIDLAND, VA / ACCESSWIRE / November 19, 2021 / Smith-Midland Corporation (NASDAQ:SMID) provider of innovative, high-quality proprietary and patented precast concrete products and systems today announced the board approved and finalized land purchase agreements totaling 33.15 acres of land adjoined to the Company's Virginia manufacturing plant located in Fauquier County.
"Smith-Midland is growing, and we seized the opportunity to purchase land adjoined to our flagship manufacturing facility in Virginia which produces many of our innovative products including our patented JJ-Hooks highway barriers, and our proprietary SlenderWall cladding system. Two of the parcels of land recently became available presenting a prudent investment opportunity that supports our long-term expansion. The third parcel of land comprised of approximately 3.36 acres is developed, and in use by the Company today. Historically, we have rented the acreage from Rodney Smith for use as a storage area. This purchase will eliminate those monthly expenses. The 3.36 acre purchase agreement with my father, Rodney Smith, underwent a third-party appraisal to ensure a fair and independent valuation assessment. We are very optimistic as we execute against our long-term vision, and continue to drive value for our stakeholders," Chief Executive Officer, Ashley Smith concluded.
The Virginia manufacturing facility which included 45 acres prior to these land purchases serves several of Smith-Midland's strongest markets reaching from New York to North Carolina, and south to West Virginia. The purchase agreements include three parcels of land, the first is comprised of 1.51 acres, the second includes 28.28 acres, and the third is a 3.36 acre parcel of land which brings the total purchase to 33.15 acres. The purchase prices are $525,000, $2.8 million, and $295,000 respectively bringing the final cost to $3.6 million.
Smith-Midland invents, develops, manufactures, licenses, rents, and sells a broad array of precast concrete products and systems for use primarily in the construction, transportation, and utilities industries. Management and the board own approximately 17.5 percent of SMID stock, aligning with shareholder values.
This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, the risk that the coronavirus outbreak may adversely affect future operations, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, our debt exposure, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
AJ Krick, CFO
Steven Hooser or Deidra Roy
Three Part Advisors, LLC
SOURCE: Smith-Midland Corporation
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