Current News

By an overwhelming margin, the member/ratepayers of Washington Electric Cooperative have given their approval to the construction of a generating facility at the states largest landfill in Coventry. The project, which will be a very significant, long-term source of stable and affordably priced power for the Co-ops members, received a certificate of public good from the Vermont Public Service board. The board then immediately called for a special membership meeting and vote, as such projects also need member approval according to Vermont law.

The Burlington currency project is in the final countdown stage for the launch of the new Burlington local currency. As part of the launch, all 600-800 recent conference participants received Burlington Currency to spend only at local businesses.
Local Burlington area businesses can take advantage of this unique promotional opportunity and at the same time learn more about how Burlington Currency can work for businesses. The BCP is now engaged in a county-wide campaign to garner support and participation. The new paper currency is full color with anti-counterfeit technology, and a
web based credit component will allow larger and more convenient transactions. A successful Burlington currency will promote increased local spending, and will support a more sustainable local economy.

Directors of Green Mountain Power Corporation (NYSE:GMP) announced a quarterly cash dividend of $0.22 per share on the utility's common stock, payable September 30, 2004 to holders of record at the close of business on September 15, 2004. The indicated annual dividend rate is $0.88. Green Mountain Power Corporation is a Vermont-based energy services company serving 89,000 electric customers.

The final piece of financing for the long-awaited North Street revitalization project in Burlington's Old North End has been approved by the State Infrastructure Bank (SIB) board of directors. A $304,531 SIB loan to the City of Burlington completes a state, federal, and local financing package for the $6.6 million revitalization project, and project construction has begun. The North End revitalization project has been in the active planning stages since 1998. Major elements of the project include considerable street repaving, improving pedestrian access and safety by enhancing sidewalks and traffic signals, installing underground utilities, planting trees, upgrading street lighting and other improvements.

Union Bankshares, Inc (AMEX-UNB) has announced that net income for the quarter ended June 30, 2004 was $1.305 million or $.29 per share compared to $1.189 million or $.26 per share for the same period in 2003. A quarterly dividend of $.22 per share was declared on July 14, 2004 to shareholders of record July 24, 2004, payable July 28, 2004. Union, with headquarters in Morrisville is the bank holding company parent of Union Bank, which offers deposit, loan, trust and commercial banking services throughout northern Vermont. As of June 30, 2004, the company had approximately $344 million in consolidated assets and operated 12 banking offices and 28 ATM facilities in Vermont and a loan origination office in the adjacent Littleton, NH market.

The Lane Press, Inc has announced the implementation of the JDF- (Job Definition Format) compliant HIFLEXPRINT and Creo Prinergy solutions for a complete end-to-end automation of the printing process. Lane Press is the first North American printer with an integrated manufacturing resource planning (MRP) solution and prepress system. Together, these solutions provide real- time, job-specific data flow throughout the manufacturing process. According to Philip Drumheller, president of Lane Press, this action represents a sweeping process improvement in printing. The Lane Press implementation of HIFLEX and Prinergy will be completed this summer.

Fletcher Allen and the Vermont Federation of Nurses and
Health Professionals Announce Recruitment & Retention Plans

Governor Douglas Announces 'Operation Red Clover' to Improve Public Health

NEW GLOBAL TRADE PARTNERSHIP ANNOUNCED

Partners to Collaborate in Providing Trade Assistance
A new public/private partnership will provide international trade assistance to Vermont businesses, according to Kevin Dorn, Secretary of the Agency of Commerce and Community Development.

Banknorth Increases Quarterly Dividend
PORTLAND, Maine (July 27, 2004) Banknorth Group, Inc. (NYSE: BNK)
announced today that its Board of Directors has increased the Company's
quarterly dividend to 20 cents per share based on earnings for the quarter
ended June 30, 2004. The dividend increase represents a .5 cent per share
increase over the quarterly dividend paid following the previous quarter
ended March 31, 2004 and a 1 cent per share increase over the quarterly
dividend paid a year ago following the quarter ended June 30, 2003.
"I am pleased to increase our dividend once again in accordance with our
practice of returning approximately 35% of net income to shareholders in
the form of dividends paid each quarter, said William J. Ryan, Banknorth
Chairman, President and Chief Executive Officer.
The dividend will be paid on August 16, 2004 to shareholders of record at

Bankruptcy judge approves sale of hydro plant to Rockingham
Officials in Rockingham hope that a $72.4 million purchase of the hydro electric facility on the Connecticut River in Bellows Falls will lower electric rates to the community. A US Bankruptcy Court judge has approved the sale from USGen New England. The deal must be completed by December 1, although the actual closing probably would not occur until October 2005. If the town failed to finalize financing by December 1, the town would forfeit its right to take the dam by eminent domain for 10 years.
Rockingham first proposed buying the 48-megawatt facility four years ago when USGen, then a subsidiary of Pacific Gas & Electric, started contesting its tax bill.

C & S Wholesale Grocers moves headquarters to Keene, NH

C & S Wholesale Grocers has moved its headquarters from Brattleboro to Keene, NH. C & S is the second largest wholesale grocer in the nation. It has been the largest Vermont-based company since the 1980s. In 2003 it reported sales of $11.3 billion.

Three years ago, C & S announced that it was looking for a new corporate headquarters. Development officials on both sides of the Connecticut River worked hard to lure the regions largest employer. In 2002, C & S announced it had chosen Keene over a site offered in Brattleboro, where one of its warehouses is still located.