X-Rite (XRIT) Announces Agreement for Sale of Former Headquarters For $10 Million
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X-Rite (NASDAQ: XRIT) 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.
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