Current News

Vermont Business Magazine Continuing its run of significant double-digit growth quarter over quarter, Darn Tough Vermont, the American manufacturer of the fastest growing collection of performance outdoor and lifestyle socks, maintains pace for the third quarter of 2015 with an astounding 51 percent year-over-year increase. The increasingly high demand for Darn Tough socks translates to double-digit growth across all categories. Hike/Trek leads with a 59 percent increase followed by Endurance/Running up 52 percent, and Lifestyle up 48 percent. Demand among men has risen 49 percent, 55 percent among women and 46 percent among kids.

Vermont Business Magazine Governor Peter Shumlin today announced a milestone in Vermont State Park visitation. So far this year, more than 1 million people have visited state parks. That hasn’t happened in 27 years and has only occurred four other times over the 91 year history of the park system. The state will receive an estimated $6.1 million in direct revenue from this year’s visitation. The statewide economic impact from those visits is about $88 million.“We are all pleased that so many Vermonters and guests are realizing the treasures we have in our wonderful park system,” Gov. Shumlin said. “Outdoor recreation is such an important part of Vermont’s culture and economy and state parks offer a way for all of us to enjoy Vermont’s best.”

State Park attendance has been growing steadily over the last several years. Commissioner Michael Snyder of the Department of Forests, Parks and Recreation attributes the success to a number of factors.

Vermont Business Magazie Al's Snowmobile in Newport is an international leader in the sales of new and used snowmobile, ATV and UTV parts, as well as complete machines. Al Briere and his family have worked tirelessly since 1984 to grow the rural company into a remarkable global business and a critical piece of Newport's economy. Recently the time came to transition the business to the next generation. In September 2014 NCIC partnered with Community National Bank and Vermont Economic Development Authority to provide a lending package for Al's son Scott Briere, his wife Carole, and Al's daughter Denise. This purchase was key to keeping the business in the Briere family.

Vermont Business Magazine Today, the Vermont Agency of Agriculture, Food & Markets (VAAFM) announces the availability of $25,000 in grant funds for the Trade Show Assistance Grant. Part of VAAFM’s growing Domestic Export Program, the Trade Show Assistance Grant is designed to help expand out-of-state sales opportunities for Vermont farm, food, and forestry businesses by increasing the financial accessibility of national trade shows. Held annually throughout the United States, trade shows attract many thousands of retailers and represent a valuable opportunity for VT businesses to exhibit their products and connect with new out-of-state markets and distribution channels.

Vermont businesses have the option to apply for funding in two different areas:

Vermont Business Magazine As the winds begin to pick up, Green Mountain Power’s storm team has ramped up to respond quickly to any outages. “We’ve already restored power to more than 500 customers (by mid-afternoon Wednesday) and additional outages are picking up,” said Dorothy Schnure, GMP spokesperson. “We have brought in outside contract crews to assist GMP crews so that we can work through the night, if necessary, to restore power quickly for our customers.”

Contract crews will be positioned initially in Rutland, Middlebury and Montpelier so that they can be close to where the winds are projected to be strongest on the western part of the state, while GMP crews will remain in their home district to ensure fast local response. As the storm progresses, they may be sent to harder hit areas. The response team will be supported by contract tree crews.

Vermont Business Magazine The Vermont Arts Endowment Fund and the Concert Artists Fund, two component funds at the Vermont Community Foundation, announced that together they have awarded a total of $111,770 to 34 artists and arts organizations across the state. The Vermont Arts Endowment Fund awarded grants totaling $57,700 primarily to support the commissioning, creation, and presentation of new work or to assist Vermont artists wishing to take their work in new or different directions. Eleven awards were made to individual artists and 12 to arts organizations presenting the work of Vermont artists. The Concert Artists Fund awarded $54,070 to 11 organizations to support performances of classical music in Chittenden County.

The following grants were made in 2015:

Vermont Arts Endowment Fund 2015 Grants to Individual Artists

A2VT in Burlington received $2,000 to support the recording of A2VT’s second album.

Vermont Business Magazine Vermont has risen to the top spot, tied with Massachusetts and the District of Columbia, in health insurance coverage for children, covering all but 2 percent of children for 2014. DC has the fewest in number with 2,000, while Vermont has the fewest among the states with 3,000 children uninsured. Massachusetts and DC ranked first in 2013 with 2 percent, while Vermont was tied for third with 3 percent, according to the KIDS COUNT Child Well-Being Index from the Annie E Casey Foundation. Alaska and Texas have the highest percentages (11 percent). Texas has the most in number with 784,000 children uninsured, but down by more than a 100,000. California is second worst in number with 497,000 (5 percent), which is a drop of nearly 200,000 from 2013. Only Virginia saw an increase (5 to 6 percent ) to 107,000.

Vermont Business Magazine Mach7 Technologies, a global provider of enterprise medical image management solutions based in Vermont, and Melbourne-based 3D Medical Limited (ASX:3DM) announced Monday they have signed a definitive agreement to merge together. The merger, expected to be completed by January 2016, will provide access via public capital markets for Mach7 while preserving corporate self-determination with regard to mission and product roadmap. Upon approval and completion of the agreement, the merged entity will be publicly listed on the Australian stock exchange (ASX) and will trade as "Mach7 Technologies Ltd."

Mach7 and 3DM (formed earlier this year and trading at about AUD$.08) enjoy a strong working relationship in 3DM’s capacity as the exclusive reseller of the Mach7 image management solutions for hospitals and radiology clinics in Australia and New Zealand.

Vermont Business Magazine Senator Patrick Leahy (D-Vermont), Senator Bernie Sanders (I-Vermont), Representative Peter Welch (D-Vermont) and Governor Peter Shumlin Monday announced a $10 million federal grant was awarded from the Department of Transportation to improve rail service along the state’s Western Corridor. The improvements will remove the final hurdle for restoring passenger service between Rutland and Burlington.

Vermont Business Magazine Dr Robert E Simpson, Jr, president and chief executive officer of the Brattleboro Retreat, was presented with the hospital’s 2015 Anna Marsh Award before 200 guests who attended a gala event in Simpson’s honor on Saturday, October 24 at the Hilltop Montessori School’s Arts Barn in Brattleboro. Named for the woman who founded the Brattleboro Retreat, the Anna Marsh Award is an annual recognition established in 2009 to honor individuals for their advocacy on behalf of people with mental illness and addiction. Past honorees include Vermont State Rep. Bill Lippert, Vermont Gov. Peter Shumlin, former Retreat Board members Larry Cassidy and Julie Peterson, the late Vermont State Sen. Robert Gannett, and film and television actor Ken Howard. Simpson has announced plans to step down as the hospital’s CEO at the end of 2015.

Vermont Business Magazine Merchants Bancshares, Inc (NASDAQ: MBVT), the parent company of South Burlington-based Merchants Bank, today announced net income of $3.86 million and $10.31 million, or diluted earnings per share of $0.61 and $1.62, for the three and nine months ended September 30, 2015, respectively. This compares to net income of $2.81 million and $9.62 million, or diluted earnings per share of $0.44 and $1.52, for the three and nine months ended September 30, 2014, respectively.

Vermont Business Magazine Kiplinger’s has released its annual ranking of the most and least tax-friendly states for retirees, with Vermont coming in as the "Least" among all 50 states. The list was unveiled as part of Kiplinger’s Retiree Tax Map—available at kiplinger.com/links/retireetaxmap—which offers an easy-to-use visual guide that compares taxes on income (including Social Security benefits, pensions and other forms of retirement income), property, everyday purchases, and, ultimately, your estate. The guide also reveals special senior tax breaks across all 50 states.