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X-Rite Announces New Interim CFO

Thursday, December 11, 2008

Press release from the issuing company

GRAND RAPIDS, Mich., Dec. 10, 2008 – X-Rite, Incorporated today announced that it has appointed Bradley J. Freiburger as interim Chief Financial Officer of the Company. He will succeed David A. Rawden, who has served as X-Rite's interim Chief Financial Officer since May 2008 and is returning to Alix Partners.

Freiburger has served as X-Rite's Vice President and Controller since March 2008, where he has been responsible for the oversight of budgeting and analysis, tax departments, global general accounting, credit, accounts payable, consolidations, financial reporting and SEC reporting functions. Prior to his position with X-Rite, Freiburger held management positions with Ernst & Young and Arthur Andersen. Freiburger is a CPA and earned a master's degree in business administration from Michigan State University.

Thomas J. Vacchiano Jr., Chief Executive Officer for X-Rite, said, "Brad's extensive financial background and knowledge of the current landscape at X-Rite make him uniquely qualified for this role. Throughout the recent recapitalization process, Brad worked closely with the Company's advisors to ensure all lender agreements and capital structure needs were fulfilled. He has been a great asset to our team and we appreciate him taking on additional responsibilities."

Vacchiano added, "On behalf of everyone here at X-Rite, I want to thank Dave for his hard work and his significant contributions to X-Rite. Our successful completion of a major recapitalization plan, which provided the Company with the necessary financial flexibility to focus on future opportunities for the business of color, would have been significantly more challenging without his leadership and dedication. We wish him all the best in his future endeavors."

The Company also named William J. Cosgrove as a Senior Financial Advisor for X-Rite. Cosgrove is a nationally recognized leader in the automotive industry with over 40 years of experience. He retired from Ford Motor Company in March 2003 after 31 years. At the time of his retirement, Cosgrove was a Corporate Vice President at Ford and the Chief Financial Officer and Chief of Staff for the Premier Automotive Group (PAG), Ford's London-based operating unit for its European luxury brands – Aston Martin, Jaguar, Land Rover and Volvo.

"We are fortunate to have found someone with Bill's extensive background, and believe he will serve as a great resource for the Company. We look forward to working closely with Bill as a key partner of our senior management team, as he brings a deep understanding of the financial processes that will help support continuous improvement in our business performance," concluded Vacchiano.

 

 

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