XR Ventures Invests In "Lab on a Chip" Company

13-Dec-2000

Grandville, MI, December 12, 2000 - X-Rite, Incorporated (NASDAQ/NMS: XRIT), a leading global provider of technology solutions that measure color and light, announced that its strategic venture capital fund, XR Ventures, L.L.C., has made a number of strategic investments including a company on the leading edge of the micro laboratory field. XR Ventures joined the first round of venture funding for HandyLab, Inc., a ?lab on a chip? company located in Ann Arbor, Michigan. According to the company?s founders, HandyLabä is developing a revolutionary micro laboratory to allow physicians and other health care practitioners to quickly obtain critical diagnostic information at the point of care. The ?lab on a chip? product will be able to fit easily in the palm of the hand and will be able to interface with relevant medical information systems, as necessary. Currently, clinical applications are being investigated that would allow physicians, with a critical need for real time assessment and treatment strategies, to more readily access the required information to make those determinations. A recent industry study suggests that most physicians are now forced to wait 36 to 48 hours for such data. ?Opportunities for venture capital investments are strong and require companies to move quickly,? said Rich Cook, President and CEO of X-Rite, Incorporated. ?I am pleased with the direction and speed at which our XR Ventures team is moving and anticipate that they will both compliment our current markets and move us beyond our traditional color and light applications. XR Ventures began their investment strategy with the acquisition of the HoloVisionä product line. This expanded our technology expertise into the relatively uncharted area of precisely measuring space using a 3D perspective. Now the investment of HandyLab launches us into another major technology rich area of the market.? The Company stated that XR Ventures looks for early stage investment opportunities, including defensible intellectual property. The investments will typically fall within the areas of telecommunications; microsystems in the areas of optical communications and biomedical analysis; web infrastructure; and other emerging technologies. 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. This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward-looking statements, due to a variety of factors, some of which may be beyond the control of the Company. About X-Rite X-Rite, Incorporated is a world-leader in producing sophisticated measurement devices, systems, and processes. Many large, multi-national firms use X-Rite?s products and services for a variety of applications including corporate branding, medical diagnostics, and image reproduction. Sales and service offices throughout Europe, Asia and the Americas support the Company?s North American and European manufacturing, research & development facilities. For more information, contact X-Rite, Incorporated: 3100 44th Street, S.W., Grandville, Mich., 49418, USA; Telephone (616) 534-7663; Fax (616) 534-1466; Website: http://www.x-rite.com.

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