Current News

Main Street Realty today announced they have joined Vermont’s and Northern New Hampshire’s largest independent Real Estate firm, Lang McLaughry Spera. Lang McLaughry Spera, serves homebuyers and sellers in the two-state geographic area encompassing the Upper Connecticut River Valley, the Central Vermont region and Northwestern Vermont including the Champlain Valley. With 14 offices, and a 150-member sales and support team the firm is known as being one of the leading real estate companies in the Northeast.

Vermont Business Magazine (May 10, 2010) -- Rock of Ages Corporation (NASDAQ:ROAC) has announced that its Board of Directors received an unsolicited proposal from Swenson Granite Company, LLC, of Concord, NH, to purchase all outstanding shares of common stock, including shares underlying vested options, of Rock of Ages for a purchase price of $4.38 per share in cash. The text of Swenson's proposal letter is set forth below in this release. The acquisition proposed by Swenson is conditioned on lender due diligence, negotiation of a definitive structure and terms to be set forth in a definitive acquisition agreement with Rock of Ages, and Swenson obtaining financing for the transaction in an amount sufficient to fund the purchase price and the ongoing operations of the two companies.

Average retail gasoline prices in Vermont have fallen 1 cent per gallon in the past week, averaging $2.90/g yesterday. This compares with the national average that has increased 2.1 cents per gallon in the last week to $2.93/g, according to gasoline price website VermontGasPrices.com.
Including the change in gas prices in Vermont during the past week, prices yesterday were 70.6 cents per gallon higher than the same day one year ago and are 1.6 cents per gallon higher than a month ago. The national average has increased 6.8 cents per gallon during the last month and stands 72.1 cents per gallon higher than this day a year ago.

Vermont Business Magazine May 7, 2010 _ Central Vermont Public Service today reported consolidated earnings of $4.2 million, or 35 cents per diluted share of common stock, for the first three months of 2010, compared to $6.9 million, or 58 cents per diluted share of common stock, for the same period in 2009.-- First-quarter earnings of $4.2 million, or 35 cents per diluted share,
23 cents lower than 2009
-- $0.3 million increase in operating revenue
-- $4.6 million increase in other operating expenses, primarily due to
major storm in February 2010
-- $1.0 million increase in equity in earnings of affiliates
-- Earnings for 2010 are forecasted to be in the range of $1.55 to $1.70
per diluted share.

Vermont Business Magazine. May 5, 2010 _ The Vermont Agency of Transportation paving expenditure for the 2010 construction season will top $100 million for the first time. Governor Douglas will make a formal announcement at an event on Monday in Sheldon. VTrans this construction season will resurface nearly 250 miles of Interstate, state and class one town roadways with this record funding amount. Douglas and VTrans Secretary Dill will be joined by officials from the Federal Highway Administration, Pike Industries and the Town of Sheldon along Route 105 where the Agency is resurfacing nearly 10 miles between Sheldon and Enosburg.

Attorney General William H. Sorrell announced today that Vermont received $47,000 in restitution as part of an agreement with Omnicare, Inc. and IVAX Pharmaceuticals, Inc. to settle allegations that the companies engaged in unlawful kickback schemes that defrauded federal and state healthcare programs. Omnicare is a Delaware corporation headquartered in Kentucky that specializes in providing pharmacy services to long term care facilities. IVAX Pharmaceuticals, Inc. is a Florida corporation that manufactures generic drugs. Vermont joined with other states and the federal government to reach a total of $112 million in civil damages to compensate Medicaid and Medicare programs for harm suffered as a result of the companies' conduct. Vermont Medicaid received its proportioned share of the settlement last week.
The government entities alleged that Omnicare and the other entities engaged in several unlawful kickback schemes that included the following:

Attorney General William H Sorrell has announced that Vermont will receive approximately $60,000 as part of a $72.5 million settlement with Novartis Pharmaceuticals Corporation and Novartis Vaccines & Diagnostics, Inc that involved 49 states, the District of Columbia and the federal government. The agreement with Novartis resolves allegations that the company promoted the use of tobramycin, a cystic fibrosis drug which is marketed under the trade name TOBI®, for uses not approved by the Food & Drug Administration. The off- label marketing included promoting the drug for diseases other than cystic fibrosis and for use in cystic fibrosis patients under the age of six. As a result of this settlement, Novartis will pay damages equal to double the amount that Vermont and other states expended for prescriptions written as a result of the company’s off- label promotion.
Source: VTAG. 5.6.2010

Opportunities Credit Union has announced an innovative business loan for Sugarsnap LLC. Along with VEDA (Vermont Economic Development Authority), Opportunities Credit Union is helping fund the expansion of this six year old company which is opening its second retail store, an expanded commercial kitchen, and new line of preserved food products.
Abbey Duke opened Sugarsnap on Riverside Avenue in Burlington in 2003 with two business partners. The small food business has managed its own Intervale farm, catering business, and retail outlet on Riverside Avenue. Duke bought out her partners in early 2009, and considered her goal to keep growing her farm-based business. She teamed up with Rob Smart, who brought 20 years of experience in community-scale renewable energy experience and an MBA from the University of Washington. Together they approached Sandy Croft of VEDA with their vision of the future.

Governor Jim Douglas yesterday received a letter from Chairman of the House Committee on Transportation and Infrastructure, James Oberstar (D-MN) commending Vermont for ranking first in nation for “the percentage of wastewater infrastructure Recovery Act funds put out to bid, under contract, and underway.” Vermont has committed all of its wastewater infrastructure funds from the American Recovery and Reinvestment Act of 2009 (ARRA).
“The entire Recovery Act team, from our Office of Economic Stimulus and Recovery to the Department of Environmental Conservation, has done a tremendous job ensuring that we are getting these critical infrastructure funds into our communities and creating jobs expeditiously,” said Governor Douglas. “When Congress passed the Recovery Act last year, it was up to the states to implement much of the funding. We are doing our part to get the money into our economy quickly, while being responsible stewards of the public’s resources.”

The US House on Thursday passed bipartisan, job-creating legislation that will help three million families refit, renovate and insulate their homes, while putting 170,000 Americans to work. Authored by Representative Peter Welch (D-Vermont), the Home Star Energy Retrofit Act (H.R. 5019) passed the House by a vote of 246 to 161. The bill, which provides direct incentives to consumers to make their homes more energy efficient, received key endorsements from supporters ranging from President Obama to the US Chamber of Commerce and the National Association of Manufacturers.

During a meeting with business leaders in Johnson on Wednesday morning, U.S. Assistant Secretary of Commerce for Economic Development John Fernandez announced that the Vermont Electrical Cooperative (VEC) will receive an $11.2 million Economic Development Administration (EDA) grant. Dave Hallquist, CEO of VEC, said the new investment would improve electricity reliability and telecommunications access in the Northeast Kingdom of Vermont.
“This grant award provides VEC with the opportunity to improve reliability and expand the broadband infrastructure for Vermont’s Northeast Kingdom,” said Dave Hallquist, CEO of VEC. “This project will make the region more attractive to new businesses, while strengthening the economic climate for existing businesses, like the furniture industry. Additional benefits will include increased border security and improved service in northern New Hampshire.”

Major improvements planned for East Pittsford Station, a Central Vermont Public Service hydroelectric facility, will require slightly lower water levels on Chittenden Reservoir throughout the summer and into the fall.
“The water levels will be about 4 feet lower than average, but within the low end of our normal operating range,” CVPS spokesman Steve Costello said. “The reservoir will remain open and accessible for boating, fishing and swimming, but boaters are reminded to use caution when putting in boats and on the water given the natural rock formations scattered throughout the reservoir.”
Costello noted that the water levels sometimes fluctuate dramatically at the reservoir, as an inch of rain can quickly raise the water level by a foot. About 17 square miles of mountainous terrain drain into Chittenden Reservoir.