X-Rite, Incorporated Forms Venture Capital Group

19 September 2000

X-Rite, Incorporated Forms Venture Capital Group

    GRANDVILLE, Mich.--Sept. 19, 2000--X-Rite, Incorporated , a leading global provider of technology solutions that measure color and light, today announced agreement to invest in a new strategic venture capital fund.
    The fund, X-Rite Ventures, L.L.C., will invest in companies that develop and manage new technologies, many of which will lead to the future market growth of X-Rite. XR Ventures will also assist X-Rite in the identification of new strategic technologies and partnerships.
    "We see great investment opportunities for both synergistic technology fits for X-Rite and for new and evolving enterprises," said Rich Cook, President and CEO of X-Rite, Incorporated. "In order to grow beyond our current markets, it is imperative that we be able to identify, create, and manage the development of new technology-based businesses. XR Ventures gives us the opportunity to do that without inhibiting our current development and acquisition strategies."
    Partners in XR Ventures include X-Rite, Dr. Peter M. Banks, and James A. Knister. Banks and Knister have extensive experience in small company start-ups, technology management, and investing. Both have had careers as executives in technology companies and have participated extensively in new technology initiatives. In addition to seeking out new technology opportunities and intellectual properties, XR Ventures will help in the development and success of its acquisitions and investments.
    "Many high tech companies are putting strategic venture capabilities in place to accelerate the pace of new technology exploration and development," said Dr. Banks, Managing Partner of XR Ventures. "We are dedicated to investing in new technologies and markets in support of the long-term economic expansion of X-Rite."
    "As an external investment and development organization, we will be able to use a variety of co-investment opportunities enhancing growth through technology and innovation," said Mr. Knister, Partner of X-Rite Ventures. "The acquisition of intellectual property or partnering with those that are exploring and exporting leading edge technology will put us in a unique position to adapt them for the markets we choose to serve."
    Dr. Banks is the former President and Chief Executive Officer of ERIM International, Inc. of Ann Arbor, Michigan. Prior to joining ERIM, Dr. Banks was Professor of Electrical Engineering and Dean of the College of Engineering at the University of Michigan. He has also been a faculty member at Stanford University and the University of California, San Diego. Dr. Banks currently serves on the Board of Directors of Tecumseh Products Company; X-Rite, Incorporated; and several start-up companies. He has been elected as a member of the National Academy of Engineering and serves as Co-Chair of the National Research Council's Commission on Physical Sciences, Mathematics, and Application, which assists the U.S. government in assessing its important technology and research programs.