YAHOO! FINANCE: Xi3 Corporation Awarded $2 Million 5-Year Refundable Tax Credit from the State of Utah
The Board of the Governor’s Office of Economic Development (GOED) approves a 20% post-performance tax credit for Xi3 as it projects 500 new jobs and $98 million in new state revenue
SALT LAKE CITY -- (BUSINESS WIRE) -- Xi3 Corporation today announced that it been awarded a 5-year refundable tax credit of approximately $2 million from the State of Utah through the Governor’s Office of Economic Development (GOED).
During its regularly scheduled meeting held yesterday, the GOED Board of Directors formally approved Xi3’s request for post-performance Economic Development Tax Increment Financing (EDTIF) of $2,045,825. The EDTIF incentive will credit Xi3 20 percent of new state tax revenues paid by it in the previous calendar year over the 5-year length of the incentive. Xi3® expects to generate $169.7 million in new state wages and $98 million in new state revenue during the life of the incentive.
Roughly the size of a grapefruit, the award-winning Xi3 Modular™ Computer was designed using the flexible and adaptable Xi3 Computer Architecture. The patented tri-board design of the Xi3 Modular Computer makes it the smallest, most powerful and most energy efficient 64-bit computer on the planet. Xi3 has a number of additional computers, servers and other products in various stages of development, with several slated for introduction this fall.
“Through its cutting-edge computer hardware innovations, Xi3 Corporation is poised to be a global leader in the industry, which is a natural fit for Utah and our next-generation programmers and engineers,” said Governor Gary R. Herbert. “The State of Utah’s partnership with Xi3 helps a native-born technology grow locally, while contributing to our goal to add 100,000 jobs in 1,000 days.”
Xi3 Corporation plans to devote $32.2 million in capital investment toward future expansion on the Wasatch Front during the next five years, with projections to add 500 new jobs to the company’s Utah workforce during that timeframe. These new positions will pay wages at a minimum of 25 percent above Salt Lake or Utah County’s average wages, including benefits.
“Many journalists, media companies and corporations are starting to recognize something I discovered more than a decade ago—Utah is a great place for business, especially technology companies,” said Jason A. Sullivan, founder and CEO of Xi3 Corporation. “We have a very smart, hard-working and dedicated workforce. Utah is one of one of the most beautiful parts of the country and we now have the support of the state to help us aggressively grow Xi3 here in Utah, for which I say, ‘Thank you.’”
“EDCUtah is pleased to see the expansion of a global company like Xi3 in Utah,” said Jeff Edwards, president and CEO of Economic Development Corporation of Utah. “Xi3’s presence here further enhances our ability to grow the information technology industry and to continue to attract top-notch technology sector jobs to Utah.”
GOED’s well-established commitment to Utah’s Software Development and Information Technology economic cluster has proven instrumental in helping keep the industry hypercompetitive by both helping native-born companies grow and luring out-of-state companies to Utah. Utah’s EDTIF program is designed to help the state build upon its legacy of successfully targeting economic development in the IT industry.
About the Xi3 Modular Computer
The initial Xi3 Modular Computer (Model X5A-5342) is powered by a dual-core x86-based processor. The adaptable and building block-like architecture of the Xi3 Modular Computer make it ideal for desktop, enterprise and specialty applications, especially since it can run any x86-based application and operating system (including Windows, Linux, Unix and more). Since it only needs a very ecofriendly 20 watts of power to operate and has a projected useful life of 6-10 years, the Xi3 Modular Computer also has one of the lowest Total Cost of Ownership (TCO) levels on the planet.
About the Utah Governor’s Office of Economic Development (GOED)
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah, and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or email@example.com.
About Xi3 Corporation
Formed in 2010 and headquartered in Salt Lake City, Utah, Xi3 Corporation utilizes “The Power of X” to bring its building block approach to the world of computing, an approach Xi3 applies internally and externally to hardware solutions and software applications. For more information on Xi3 Corporation (an ISYS TechnologiesSM company), please visit www.Xi3.com.
The shape of the three-sided single piece casing, the end plate and the overall shape of the Xi3 Modular Computer, as well as Xi3, Modular, Xi3 Modular, “The power of X” and ISYS Technologies are trademarks and unique trade dress of ISYS Technologies, Inc.
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