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X-Rite Completes Sale of Former Headquarters

^{Published on 2009-01-29 05:59:42, Last Modified on 2009-01-29 06:00:21 - Market Wire}
 

GRAND RAPIDS, Mich.--([ BUSINESS WIRE ])--X-Rite, Incorporated, (NASDAQ:XRIT) 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 ].