X-Rite Completes Sale of Former Headquarters

GRAND RAPIDS, Mich.--X-Rite, Incorporated, the global leader in color technology, today announced that it has completed the sale of its former headquarters and manufacturing facility located in Grandville, Michigan to CWD Capital, L.L.C. for a purchase price of $7,225,000. The Company stated that it would use the net proceeds from the sale to retire the $5.2 million mortgage on the property and pay down first lien debt by $1.7 million.

“This is very good news for the Company,” stated Thomas J. Vacchiano, Jr., Chief Executive Officer for X-Rite. “The sale of our Grandville property is a continuation of our profit improvement plan, and it allows us to focus more of our attention on executing our core strategy. We want every member of the X-Rite organization to focus their time and energy on matters that contribute to our business, driving future growth and profitability.”

Bradley J. Freiburger, Interim Chief Financial Officer of X-Rite commented, “We have been operating under difficult commercial real estate conditions for over two years. As a result of the sale, we will also reduce our expenses in 2009, as we will no longer incur interest and operating costs on a facility that we vacated after moving to our new offices in December 2006. We are confident that this was the right deal at the right time for X-Rite.”

About X-Rite

X-Rite is the global leader in color science and technology. The company, which now includes color industry leader Pantone, Inc., develops, manufactures, markets and supports innovative color solutions through measurement systems, software, color standards and services. X-Rite’s expertise in inspiring, selecting, measuring, formulating, communicating and matching color helps users get color right the first time and every time, which translates to better quality and reduced costs. X-Rite serves a range of industries, including printing, packaging, photography, graphic design, video, automotive, paints, plastics, textiles, dental and medical. For further information, please visit www.xrite.com.