Current News

Vermont s largest electric company has won the industry s highest honor for storm recovery for the second time.
CVPS President Bob Young today was presented the Edison Electric Institute s 2008 Emergency Recovery Award for the company s response to an historic ice storm in December. The company s preemptive planning led to the restoration of service to more than 70 percent of affected customers after just one day, and complete restoration within a week. CVPS is the smallest company to ever receive the honor which it won for the second straight year.
This is a tribute to the selflessness of our employees, the quality of our planning and the urgency of our response, Young said. After we won the award for our response to the 2007 Nor icane, we never expected to face such devastation again, but December s ice storm brought tremendous challenges.

The Burlington Business Association (BBA) has announced this year s winners for their prestigious awards that honor significant contributions to Burlington. Each year the BBA s Board of Directors and its members nominate and select the winners.
The Hall Block at 210 College St. Burlington will receive the 2008 Architectural Excellence Award in honor of Hertzel N. Pasackow for its significant contribution to the physical and architectural quality of Burlington. The project consists of a historical renovation of the Hall Block, a five story, Class A, multi-tenant office and retail building located at 210 College St. in downtown Burlington.
SKIRACK will receive the 2008 Burlington Business Award for exemplary business practices, contributions to the community, promotion of a positive image for Burlington, and business success. The Burlington Business Award was established in 2002, originally as the Small Business Award.

The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for January 2009 was 6.8 percent, up nine-tenths of a point from the revised December rate and up 2.5 points from a year ago. The unadjusted rate was 7.6 percent.
The fourth quarter declines in Vermont s job market continued into January, said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. Though we are relatively better off than the US economy as a whole we continue to see significant increases in unemployment.
Job Growth

Heritage Flight, a Burlington-based air charter operator, has established a Bedford, Massachusetts based pricing option to serve Boston and the surrounding area.
Heritage Flight has been in business since 1984. Boston area residents will enjoy access to a King Air C90B aircraft for their business and personal use, which creates an opportunity for them to be in charge of their own plans. Customers can create their own itinerary and fly anywhere in the Northeast and Mid Atlantic regions with no hassles and no connections. Focusing on the heart of business and personal travel, Heritage Flight provides the experience and excitement of creating time by eliminating travel barriers.
In addition to serving major airports the King Air C90B has a great short field capability which allows access to the many smaller airports that may be closer to the final destination and once again - save time.

Guide will connect taxpayers, businesses, non-profits and municipalities to funding opportunities and tax credits
WASHINGTON, DC Rep. Peter Welch released a guide to opportunities in the American Recovery and Reinvestment Act (ARRA) for Vermont taxpayers, businesses, non-profits and municipalities Tuesday.
The User s Guide to Economic Recovery Resources breaks down the $787 billion stimulus package by category into funding opportunities and tax credits. The document also lists contact information for federal and state programs receiving funding through the stimulus. Vermont is expected to receive more than $700 million through the ARRA.

Governor Douglas will present the town of Middlebury with a $200,000 Community Development Block Grant which will help bring more healthcare to low-income residents. The event will be held Wednesday, March 11, at 8:15 am at the future site of the Addison County Dental Center at 32 Merchants Row in Middlebury.

National Life Group today announced its financial results for 2008, highlighted by overall sales growth of 53 percent.
Mehran Assadi, president and chief executive officer, said that in 2008 annuity sales increased 41 percent, life sales were up 16 percent, and sales of mutual funds through Sentinel Investments jumped 115 percent.
These are exceptional results, said Assadi. This is a remarkable endorsement of the value of our products, the success of our strategy and the power of the National Life story.
For 160 years we have talked about our heritage, our prudent investment strategy, the benefits of our mutual structure and our focus on our core business, said Assadi. In the past year we have seen a greater appreciation for the value of a company that sticks to its strengths and takes a long-term view.

Gifford Medical Center celebrated a ninth consecutive year of financial success and announced the winners of health grants and scholarships at the 103rd Annual Meeting of the Randolph hospital s corporators Friday evening at Chandler.
Gifford, with health centers throughout central Vermont, met its state-set operating margin of 2.2 percent in fiscal year 2008 and saw its revenues continue to climb as the medical center grew to include about a dozen new health care providers as well as expanded clinic space, hospital President and Chief Executive Officer Joseph Woodin said.

The Brattleboro Development Credit Corporation (BDCC) announces the finalists for the 2009 Business Plan Competition. From the 36 submissions received last week, the selection committee chose seven in the Existing Business category and six in the New Business category.

Lane Press in South Burlington and Omya in Proctor are the latest Vermont firms to lay off workers. Each stated that the recession has slowed business resulting in a need to reduce payroll.
Lane Press laid off 29 in March after laying off 10 in January. This leaves them with about 225 employees. In January, the printer also cut hours and reduced pay for most workers. The company prints high-end glossy magazines, such as college alumni magazines. It stated that clients have been cutting back on frequency of publication, such as going from monthly to bi-monthly, or printing on less expensive paper.
Omya said it cut seven workers at its two sites in Vermont and five others in operations outside the state. It employs 63 in Proctor and 145 in Florence. It mines and distributes calcium carbonate as an additive for many products from glossy paper to plastics to antacid tablets.

Gregory D Woodworth has been named senior vice president and general counsel of National Life Group.
In his three years with National Life, Greg has shown he is a superb lawyer of the highest integrity, said Mehran Assadi, NLGroup s president and chief executive officer.
Greg has a broad knowledge of our business, a deep appreciation of our regulatory environment and a keen ability to explain complex legal issues in ways that allow us to understand the importance of the issue, said Assadi.
As the regulatory and compliance challenges grow for our industry, I am very pleased to have someone of Greg s judgment and integrity serving as our general counsel, he said.

Two of the nation s leading solar power installers announced today that they have entered into an agreement for groSolar of White River Junction, Vt., to acquire the residential solar division of Borrego Solar Systems of El Cajon, Calif. Financial terms of the agreement were not disclosed. Borrego Solar residential division operates in California as well as Massachusetts.