X-Rite Announces Agreement for Sale of Former Headquarters
Press release from the issuing company
GRAND RAPIDS, Mich. (July 06, 2008) X-Rite, Incorporated, a global leader in color technology, today announced that it has reached an agreement for the sale of its former headquarters and manufacturing facility located in Grandville, Michigan for $10 million. Concurrently, the company announced an amendment to its Promissory Note secured by a mortgage on the same facility, extending the maturity to July 30, 2008. The Promissory Note has an outstanding balance due of $8.7 million. The terms of the sale of the property are subject to certain conditions including a 60-day due diligence period. The sale is scheduled to close in 91 days. The buyer has the ability to extend the close under certain terms set forth in the sale agreement.
"We are pleased that we have reached an agreement to sell the former headquarters," stated David A. Rawden, Interim Chief Financial Officer of X-Rite. "We have worked hard to find the right buyer in this transaction and feel that this is another positive step as we continue to improve the company's financial health." Rawden continued, "We are also happy to report that we have agreed on an extension of the Promissory Note as we continue to make progress in our refinancing efforts."
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