Current News

Vermont Business Magazine Weekly unemployment claims in Vermont rose above 400 last week, but remain low, consistent with typically low summer totals. There were 410 new, regular benefit claims for Unemployment Insurance in Vermont, an increase of 22 from the previous week's total and 22 fewer than they were a year ago. Generally, claims have been running below last year's totals.

Altogether 4,391 new and continuing claims were filed, an increase of 35 from a week ago, and 385 fewer than a year ago. The Department processed 0 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08). The total for all programs was 4,391 claims, 35 more than last week, and 391 fewer than the same time last year.

Governor Peter Shumlin said today that state highway crews are out in force across Vermont to tackle one of the worst pothole seasons in memory, noting that the Agency of Transportation has already spent about $1.3 million on pothole patching so far this year, exceeding the five-year annual average.
‘This year’s heavy snowfall and spring rains created a bumper crop of potholes across the state,’ Gov. Shumlin said at a news conference in Middlesex with a highway road crew. ‘Highway crews are working hard to keep up with the never ending sea of potholes on all of Vermont’s paved roads. We will continue to patch holes and do what we can to keep the big ones from coming back. Crews have used 5,500 tons of cold patch so far this year, exceeding the five year average by 30 percent.
These costs come on the heels of an already-expensive winter road season. For the season:

Fitch Revises Vermont Electric Cooperative's Outlook to Positive; Affirms Sr. Secured at 'BBB'

Fitch Ratings has affirmed Vermont Electric Cooperative's (VEC) implied senior secured rating at 'BBB'. The Rating Outlook has been revised to Positive from Stable. VEC's senior secured rating is implied as none of the cooperative's secured debt is publicly held. However, the rating takes into account approximately $58 million of secured debt privately held by lenders including National Rural Utilities Cooperative Finance Corp. and CoBank.
RATING RATIONALE:
--The Positive Outlook for VEC reflects the cooperative's consistently strong financial metrics, including increased equity (42.3% at year-end 2010) and solid coverage ratios (debt service coverage [DSC] of 2.0 times [x] for 2010), and the expectation that the current levels will be maintained.

Across Vermont, architects, builders and contractors are working to create more energy-efficient businesses and homes. Efficiency Vermont is proud to recognize a select number of those projects with its annual ‘Best of the Best’ Awards.
Black River Design Architects of Montpelier won this year’s Best of the Best in Vermont ENERGY STAR Homes Award for a Single Family Detached Home between 2,000 and 3,000 square feet, located in South Hero. The firm was also honored with a Merit Award for its work for the Washington Central Supervisory Union, located in Montpelier.
Black River Design Architects’ winning home features thoughtful design and attention to air sealing details, which resulted in an impressive air exchange rate which exceeds the Passive House air-tightness requirement. Other features include high-efficiency insulation as well as energy-efficient lighting and appliances.

The snow sports market surpassed the $3 billion mark for the 2010/2011 season but sales slowed significantly in February. Season to date, snow sports sales are up 13% in dollars sold and up 8% in units sold. Total sales last season never reached the $3 billion dollar mark, in fact, by the end of March 2010 all snow sports sales reached just $2.94 billion. However, comparing February 2011 to February 2011, units sold were down 2% and dollar sales were down 1.5%. Despite slowing sales, margins showed continued strength, up 8% compared to February 2010 and total sales for the 2010/2011 season sales (August to March) should surpass the $3.1 billion record set in the 2007/2008 season.

As previously announced on October 24th, 2009 delSECUR CORPORATION sold 100% of its Intellectual Property including the patents of its del-Id system to QTech Systems Inc. in an Asset Purchase Agreement whereby it acquired 49% of QTech's shares. Since that time and as mentioned in the Press Release on June 22, 2010, QTech's team of engineers has been working diligently on the del-Id prototype development for commercialization.
delSECUR CORPORATION intends to dissolve itself. In so doing, it will pay all its lenders, using its only asset, the QTech shares. It will then distribute all of its remaining asset, the balance of QTech shares, to delSECUR CORPORATION shareholders in the form of a "liquidating dividend" on a pro-rata basis.
After having distributed all of the assets of delSECUR, the CORPORATION will be dissolved in accordance with Nevada State Law and subject to shareholders' approval.

Governor Peter Shumlin presented Mack Molding with a Gold award for workplace wellness last week at the state’s annual conference hosted by The Vermont Governor’s Council on Physical Fitness & Sports. Health Services Manager Kathy Hall, RN, received the award on behalf of the company.
Mack was recognized for recent lifestyle initiatives that were inspired by the company’s overarching wellness theme ‘ take personal responsibility for your health. The award-winning programs included the:
· Mack Community Garden -- planted and harvested by employees, the 15 gardens were also supported by a local nursery with planting tips and discounted seedlings, and Mack with cedar beds, gardening tools, and easy water access. To further enhance the area, Mack added a volleyball court, a driving range for golfers, picnic tables and barbecue grills;

Governor Peter Shumlin joined Governors from 16 other states calling on congressional leaders to reject a plan to turn Medicaid into a block grant program, essentially eliminating states' ability to reduce costs in the program while maintaining Medicaid's integrity.
"The current Medicaid financial structure is a partnership between federal and state government that provides basic access to health care for the poor and disabled," the Governors wrote in a letter to the Majority and Minority Leaders in the U.S. House and Senate. "A Medicaid block grant imposed unilaterally by Congress on all states that would cap the federal government's share of costs and provide fixed annual funding below the projected growth of program costs in simply unacceptable."

The US Small Business Administration reminds small businesses, small agricultural cooperatives and most private non-profit organizations of all sizes in six Vermont counties of the May 2 deadline to apply for economic injury disaster loan assistance. The loans are available due to frost and freeze that occurred from May 9 through May 13, 2010.
Under this declaration, SBA Economic Injury Disaster Loans are available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. These loans can be up to $2 million with terms not exceeding 30 years. Interest rates are 4 percent for businesses and 3 percent for non-profit organizations. Farmers, ranchers and agricultural producers are not eligible to apply to SBA.
The disaster loans are available in Addison, Chittenden, Orange, Rutland, Washington and Windsor counties in Vermont.

Otelco Inc. (NASDAQ: OTT)(TSX: OTT.un), a wireline telecommunications services provider in Alabama, Maine, Massachusetts, Missouri, New Hampshire and West Virginia, today announced it has signed a definitive agreement to acquire Shoreham Telephone Company, Inc. for approximately $4.5 million in cash, subject to certain purchase price adjustments.
‘The acquisition of Shoreham is a strategically important opportunity for Otelco to continue the expansion of our footprint in New England,’ said Mike Weaver, President and Chief Executive Officer of Otelco. ‘While Shoreham has similar roots to Otelco as a rural wireline telephone provider, its existing network in Vermont provides an excellent point from which our CLEC (OTT Communications) can begin serving our fourth state. We are very excited about this transaction and its impact as a catalyst for future growth.’

Lewis R. First, MD, MS, University of Vermont professor and chair of pediatrics, was elected chair of the National Board of Medical Examiners (NBME) at the organization’s annual meeting on April 1, 2011. He will serve a two-year term effective immediately.

The Vermont Attractions Association (VAA) has accepted seven prestigious Vermont businesses into membership for 2011. New to VAA this year are: the Norman Rockwell Exhibition / Sugar Shack in Arlington, the Chocolatorium/Village Peddler in East Arlington, Hathaway Farm & Corn Maze in Rutland, the Timber Ripper at Okemo Mountain Resort in Ludlow, ArborTrek Canopy Adventures at Smugglers’ Notch, Artesano Meadery in Groton, and Sharp Park in Milton.
Members of VAA enjoy many benefits, including a presence on 1.15 million copies of the Official Vermont Road Map & Guide to Vermont Attractions, which is widely distributed across the country and internationally as the State of Vermont highway map.
Focusing on education as a component of the visitor experience, VAA members meet high standards while offering unusual experiences in the areas of agricultural tourism, art, excursions, galleries, guided tours, history, museums, recreation, shopping, and specialty foods.