GRAND RAPIDS, Mich. – X-Rite, Incorporated (NASDAQ:XRIT) today announced that both Moody’s Investors Service (Moody’s) and Standard & Poor’s Ratings Services (S&P) recently upgraded their respective corporate credit ratings on X-Rite.

Moody’s upgraded X-Rite’s corporate family rating to B2 from B3, and the rating on the first lien senior secured credit facilities to B1 from B2. Moody’s stated that the upgrade acknowledged X-Rite’s improved operating performance and reflected their expectation of continued organic revenue/earnings growth and sustained operating margins. The upgrade also considered improved end-market conditions and global demand trends.

Similarly, S&P upgraded its corporate credit rating to B+ from B. In line with the upgrade to the corporate credit rating, S&P also raised the issue-level rating on the first lien facility to BB- from B+. S&P stated that the upgrade reflects an overall recovery in the Company’s markets, traction from new products and particular improvement in the European markets.

Both rating agencies noted a positive rating outlook.

Commenting on the upgraded credit ratings, Rajesh K. Shah, Chief Financial Officer for X-Rite, said, “I am pleased that the credit rating agencies have recognized a positive outlook for X-Rite and our demonstrated ability to deliver solid financial results. We will continue to leverage our financial performance into an improved capital structure with revenue growth and profitability.”

The Company recently reported debt pay downs of $19.2 million during its third quarter of 2010 and $36.2 million for the nine months ended October 2, 2010, including the pay off of the Company’s second lien credit facility.

About X-Rite

X-Rite is the global leader in color science and technology. The Company, which now includes design industry color leader Pantone LLC, 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.

Forward-looking Statements

This release contains forward-looking statements based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and management’s beliefs and assumptions. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “should,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “model,” and “seeks” or the negative of such terms or other variations on such terms or comparable terminology. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks associated with our international operations; our substantial debt level; the possibility that the market for the sale of certain products and services may not develop as expected; our ability to protect our intellectual property rights; the existence or enactment of adverse U.S. and foreign government regulation; the risk that the development of products and services may not proceed as planned; adverse general domestic and international economic conditions including interest rate and currency exchange rate fluctuations; the difficulty of efficiently managing our cost structure for capital expenditures, materials and overhead, as well as operating expenses such as wages and benefits due to the vertical integration of our manufacturing processes; the impact of competitive products or technologies and competitive pricing pressures; potential business disruptions; the economic downturn in the global economy; and other risks that are described from time to time under the heading “Risk Factors” in our annual and quarterly reports on Form 10-K and 10-Q filed with the Securities and Exchange Commission. Readers of this information are cautioned not to place undue reliance on these forward-looking statements, since, while we believe the assumptions on which the forward-looking statements are based are reasonable, there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this release. We undertake no obligation to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise.