Current News

CVPS prices public offering
RUTLAND, Vermont Central Vermont Public Service Corporation (NYSE:CV) announced November 17, 2008, that it priced a public offering of 1,190,000 newly issued shares of its common stock at a public offering price of $19.00. Central Vermont expects to grant the underwriters of the offering a 30-day option to purchase up to 119,000 additional shares of Central Vermont common stock solely to cover over-allotments, if any. Central Vermont intends to use the net proceeds of the offering for general corporate purposes, including the repayment of debt, capital expenditures, investments in Vermont Transco LLC and working capital requirements.

General Dynamics to Acquire AxleTech International

Global manufacturer of heavy duty vehicle components will expand General Dynamics' product
offerings, customer base

FALLS CHURCH, Va. - General Dynamics (NYSE: GD) and The Carlyle Group, a private equity firm,
have entered into a definitive agreement for General Dynamics to acquire AxleTech International, a global
manufacturer and supplier of axles, axle components, planetary axles, independent suspensions, brakes and
aftermarket parts for military vehicles, commercial specialty trucks, and off-highway machines used in the
construction, material handling, forestry, mining and agricultural markets.

The effects of the acquistion on the Burlington, VT, plant are not yet known.

Governor announces Climate Change Grant Program
Funds will help towns reduce energy use, save money and promote green jobs
MONTPELIER (November 20, 2008) Governor Jim Douglas today unveiled the Vermont Community Climate Change Grant Program, which will make $360,000 available to local communities for improving energy efficiency, saving tax dollars and strengthening local economies.
"Among the key recommendations of my Commission on Climate Change was the call to expand Vermont's efficiency efforts," Douglas said. "We've always had a tradition of coming up with some of the best solutions at the local level and I believe we need to foster that innovation and entrepreneurial spirit."
The funding for this initiative comes from the first installment of Vermont's $1.8 million, five-year settlement payout against American Electric Power Corp., the nation's largest operator of coal-fired power plants.

Grand Opening of Upstart Marketing
St. Johnsbury, VT - Upstart Marketing, LLC will hold a Grand Opening event and presentation to mark the official launch of operations today St. Johnsbury.
Leaders from the business community will gather at the Northeastern Vermont Development Association conference room located at 36 Eastern Avenue in St. Johnsbury. The event will take place from 2:00 to 3:00pm and will feature a presentation given by company founder Tom Stillwell.
Upstart Marketing is an Internet based company designed to provide entrepreneurs and new business owners with the marketing tools they need to launch a business. Upstart is offering three different all-inclusive packages that feature design and print of logos, business cards, brochures, and stationary, plus web site design, hosting, and maintenance.

Week Ending November 15, 2008
There were 1,207 new regular benefit claims for Unemployment Insurance last week, a decrease of 29 from the week before. Altogether 8,427 new and continuing claims were filed, 560 more than a week ago and 2,295 more than a year earlier. In addition, the Department processed 1,077 claims for benefits under Emergency Unemployment Compensation, 2008, a decrease of 39 from last week.
The Unemployment Weekly Report can be found at:
http://www.vtlmi.info/
Previously released Unemployment Weekly Reports and other UI reports can be found at:
http://www.vtlmi.info/lmipub.htm#uc

NATIONAL NEWS MAGAZINE RANKS BLUE CROSS AND BLUE SHIELD OF VERMONT AS VERMONT'S TOP HEALTH PLAN
Berlin, Vt. - Blue Cross and Blue Shield of Vermont has been ranked as the top health plan in Vermont - as well as one of the best in the country -- by a respected national news magazine. The rankings, released in the November 17-24 issue of US News and World Report, is based on quality review information from the National Committee Quality Assurance (NCQA).
"This objective recognition confirms Blue Cross and Blue Shield of Vermont's long tradition of providing high quality care to its members," noted Don George, Interim President and CEO of Blue Cross and Blue Shield of Vermont. "The rankings are based on the quality of the care our members received and how well we managed to continuously improve health care for those members."

Blue Cross and Blue Shield of Vermont Saves Nearly a Half-Million Dollars with a Microsoft Partner Compensation Management Solution
Health plan streamlines incentive compensation and broker management processes and goes paperless.
REDMOND, Wash., Nov. 19 /PRNewswire-FirstCall/ -- Microsoft Corp. today announced that Blue Cross and Blue Shield of Vermont (BCBSVT), Vermont's largest private health carrier, has saved nearly a half-million dollars with a Microsoft partner compensation management system. Implemented to overhaul incentive compensation and agent management capabilities, Computer Solutions & Software International's (CSSI) VUE Compensation Management, a Microsoft .NET Framework-based application, has also enabled BCBSVT to decouple broker commissions from insurance premiums, reduce manual interventions by 97 percent and go paperless with broker commission statements.

Casey Promoted to Deputy Chief of Staff
Montpelier, Vt. November 19, 2008 Dennise Casey has been appointed Deputy Chief of Staff, Governor Jim Douglas announced today.
Governor Douglas said Casey's new duties as Deputy Chief of Staff will include, among other things, coordinating the administration's legislative relations.
"Dennise is smart, energetic and understands the important work we have before us," Governor Douglas said. "I have every confidence in her and her ability to help make this legislative session a success as we work to pass an economic growth plan in the first 100 days, balance our budget in very challenging times and enact comprehensive safe communities' legislation."

November 18, 2008

Construction Input Prices Fall in October

Summary
Construction input prices fell 2.8 percent in October – the largest one-month decrease since July 1986 – according to the November 18 producer price index (PPI) report by the U.S. Labor Department. Despite the dramatic decline, construction input prices remain 10 percent higher than October of last year (see graph below).

Ed Shamy buys The County Courier in Enosburg Falls
Northern Vermont Lending Partners (NVLP), a revolving micro-loan program of the Economic Development Council of Northern Vermont, designed to assist small businesses, provided a loan to Ed Shamy and his wife, Kimberly Asch to help them purchase The County Courier in Enosburg Falls.
The news hit uncomfortably close to home for veteran journalist Ed Shamy when he was laid off from his job at Vermont's largest daily newspaper in August. Shamy and his family were eager to stay in Vermont, where they have made their home for 10 years, but the job outlook was weakening quickly.
When a weekly newspaper in Franklin County came up for sale, Shamy jumped at the opportunity but soon ran into another financial reality: the credit pipelines were in a deep freeze and a commercial bank turned down his request for a loan to buy the 130-year-old newspaper.

Energy Saving Pioneer Resumes Operations
Brattleboro, Vermont - November 10, 2008 - Window Quilt, the company that developed movable window insulation 30 years ago, is now shipping high performance insulated shades from their new Brattleboro factory. The company, whose products dramatically reduce energy losses through windows, was founded in Brattleboro. A local entrepreneur recently acquired the business, which had been moved to Seattle, Washington several years ago by its last corporate ownership, and returned it to Brattleboro under the direction of experienced management.

Home Energy Improvement Loan Rate Drops One Percentage Point
MONTPELIERIt just got a little more affordable for Vermont homeowners to prepare their homes for winter weather. The interest rate for the Warm and Weatherized Loan Program has dropped one percentage point since the program was first announced in September. The five-year fixed interest rate on program loans is now 2.75 percent.