Industry Briefs - 7-15-24

Industry Briefs are provided as a free service to our readers. Company news information may be sent to brice.w@thecityjournals.com. The submission deadline is one week before publication.

ARTS/ENTERTAINMENT

• “Open Streets” programming has returned to downtown Salt Lake City’s Main Street for two weekends this summer. One is July 19-20. Between 100 South and 200 South, Main Street will be closed to automobile traffic and transformed into a pedestrian promenade with live entertainment and activations. Social establishments will be invited to extend their premises onto the sidewalks as well. Activities include July 19, 6-10 p.m., when the Eccles Theater, The Blocks Art District and the Mexican consulate in Salt Lake City will present an evening with four local mariachi bands and Mexican classical guitarist Sergio Fuentes Oseguera at the Eccles Theater front steps, with the Twilight Concert Series taking place 6-10 p.m. at Gallivan Plaza. On July 20, 8-11 p.m., Bandah presents back-to-back DJs at the Exchange Place Plaza, and SB Dance and Curbside Theater present “Tarotville,” 9-10:30 p.m., at the Eccles Theater front steps. Open Streets, created to foster a family and pedestrian-friendly downtown and study Main Street walkability, is made possible by funding and staff support from Salt Lake City and is activated by the Downtown Alliance and The Blocks Arts District.

ASSOCIATIONS

• 47G Utah Aerospace & Defense has added Amanda Covington and Nate Walkingshaw to its board of directors. Covington is chief corporate affairs officer for the Larry H. Miller Co. Covington has more than 25 years of experience leading corporate communications and government relations. She serves on several boards, including the Utah Board of Higher Education, the Utah Women’s Leadership Institute and the Salt Lake Chamber of Commerce. Walkingshaw is founder and CEO of renewable energy company Torus. He is an inventor and serial entrepreneur who has successfully started and sold several companies, including a Utah-based renewable energy company dedicated to making energy storage more efficient, affordable and sustainable. In addition to aerospace, defense and cyber security, 47G’s efforts now include advanced air mobility, critical minerals, advanced materials and energy.

BANKING

• Bank of Utah, based in Ogden, is offering a new savings program designed to help prospective homebuyers save for a down payment. The program includes Bank of Utah’s Super Saver CD, which allows for flexible contributions with penalty-free access to funds for a down payment when it is used for a Bank of Utah home loan. Included in the program is a free home appraisal valued up to $500 when using the funds with a Bank of Utah mortgage. In addition to the Super Saver CD, customers with low-to-moderate income may also qualify for a mortgage rate relief program. Funds for this program are limited.

ASSOCIATIONS

• BioUtah has hired Abbey Brewer as membership manager. Her responsibilities include supporting the organization’s Bio Business Solutions program, event planning, and marketing assistance, and she will work with current and prospective member companies to advance association and industry objectives. Brewer’s background is in corporate wellness and exercise science.

CONTESTS

• Nominations are being accepted through Aug. 23 for the 2024 BioUtah Life Sciences Awards, presented to individuals and/or companies that have made a significant impact in advancing the industry in Utah. The awards include the Lifetime Achievement Award, Entrepreneur of the Year, Executive of the Year, Innovation Impact Award and Friend of Industry Award. BioUtah’s board members will review the nominations and select the winners, to be announced at the BioUtah Summit on Nov. 14. The nomination form is at https://bioutah.typeform.com/to/cdcUjD4s.

CORPORATE

• Recursion Pharmaceuticals Inc., a Salt Lake City-based clinical-stage techbio company decoding biology to industrialize drug discovery, has announced the pricing of its underwritten public offering of more than 30 million shares of its Class A common stock at a price to the public of $6.50 per share. All of the shares are to be sold by Recursion. The company also has granted the underwriters a 30-day option to purchase up to an additional 4.6 million shares of its Class A common stock. Before deducting the underwriting discounts and commissions and estimated offering expenses, Recursion expects to receive total gross proceeds of approximately $200 million, assuming no exercise of the underwriters’ option to purchase additional shares. Goldman Sachs & Co. LLCand J.P. Morgan are acting as lead book-running managers for the offering. Allen & Co. LLCis acting as book-running manager for the offering.

ECONOMIC INDICATORS

• A total of 193,083 Utahns are estimated to gain bonus benefits, effective July 1, according to personal injury law firm Bisnar Chase, using data from the U.S. Bureau of Labor Statistics. They are among 17 million works in such a situation. The U.S. Department of Labor unveiled an update to overtime pay regulations under the Fair Labor Standards Act. The update comes amid concerns that the previous salary threshold of $684 per week ($35,568 annually) had not kept pace with inflation, leaving many salaried workers vulnerable to long hours without additional compensation. The threshold now is $844 per week ($43,888 annually), with a further increase to $1,128 per week ($58,656 annually) starting Jan. 1, 2025. These adjustments are to be phased in over the next few years. The final rule is projected to redirect approximately $1.5 billion annually from employers to workers through increased pay. Details are at https://www.bestattorney.com/bonus-benefits/.
• Utah workers who have stayed in their job for at least 12 months saw their wages rise 4.8 percent in June, compared to the same time last year, according to the “ADP Pay Insights” report. Their median annual salary was $50,500. That ranks No. 30 among states. The national increase was 4.9 percent, to $58,600. The year-over-year pay gains for job-stayers nationally was the slowest pace of growth since August 2021. Pay gains for job-changers also slowed, to 7.7 percent. Montana saw the most growth, at 7.3 percent. Mississippi had the least, at 3.5 percent. The highest median was in Massachusetts, at $72,900. The lowest was in New Mexico, at $39,700. Details are at https://payinsights.adp.com/.
• Salt Lake City is ranked No. 154 on a list of “Most Expensive Metro Areas for Renters,” compiled by Lawn Love. On the list of “most affordable” are No. 3 Ogden-Clearfield and No. 6 Provo-Orem. Lawn Love compared 196 of the biggest U.S. metros, considering average rent prices, year-over-year rent changes, and the share of renters spending over 30 percent of their income on rent and utilities. The most expensive metro area for renters is Miami, Fort Lauderdale and Pompano Beach, Florida. The most afford is Rock Springs, Wyoming. Details are at https://lawnlove.com/blog/most-expensive-metro-areas-to-rent/#rankings.
• Salt Lake City is ranked No. 9 on a list of places where it makes more sense to rent than to buy, compiled by Creditnews Research. It compared average rent prices against the true cost of owning a typical home in America’s 100 most populous metros. The difference in Salt Lake City is $3,391, it said. The top place overall where it makes the most recent to rent is the San Jose-Sunnyvale-Santa Clara area is California, where the difference is $11,303. The list of places with the smallest difference between renting and total homeownership costs is led by Jackson, Mississippi, where the difference is $567. Details are at https://creditnews.com/research/the-true-cost-of-renting-vs-owning-a-home-in-each-u-s-metro-in-2024/.
• Twenty-five percent of Utah drivers remain uncertain about the practicality of switching to an electric vehicle, according to a survey by Quantrell Subaru. The highest number is in Mississippi, at 67 percent. The lowest is in Connecticut, at 8 percent. For 20 percent of Utahns surveyed, the higher upfront cost is a drawback. Another 20 percent expressed concern about the current state of charging station networks, and 26 percent worry about the potential costs and hassles of battery replacement. On the flip side, 32 percent pointed to the appeal of lower running costs, 19 percent liked the high-performance aspect of EVs, and 15 percent believe government incentives are a deciding factor. Details are at https://www.quantrellsubaru.com/electric-vehicle-exasperation/.

EDUCATION/TRAINING

• The U.S. Small Business Administration Utah District Office has announced that the Veteran Women Igniting the Spirit of Entrepreneurship (V-WISE) program will be hosted in Utah Oct. 11-13 in Salt Lake City. The training initiative, part of the SBA’s recent Women Veteran Entrepreneurship Training Program (WVETP) grant award, is designed to empower women veterans and female military spouses/partners with the skills and knowledge necessary to launch and grow their own businesses. The V-WISE program, managed by Syracuse University’s D’Aniello Institute for Veterans and Military Families, offers a comprehensive three-phase approach to entrepreneurial training, a 15-day online intensive course, a three-day residency experience, and a 12-month ongoing support program. Eligibility includes honorably discharged women veterans, active duty, reserve and national guard women service members, and women spouses/same-sex life partners of veterans and service members, including widowed spouses/partners. The registration fee is $75. Details are at https://ivmf.syracuse.edu/programs/entrepreneurship/start-up/v-wise/.
• The South Valley Chamber of Commerce will have the Altabank Business Accelerator, a 10-week course, every other Tuesday Aug. 6-Dec. 10 at the Salt Mine Productive Workspace. The program is taught by Ralph Little, who founded and served as CEO of a nationwide financial services company. The registration deadline is July 30. The cost is $500 for chamber members, $750 for nonmembers. Details are available by contacting jayme@southvalleychamber.com.

GOVERNMENT

• The U.S. Department of Agriculture is investing a total of $1.16 million in 11 rural Utah clean energy projects designed to lower energy bills, expand access to clean energy and create jobs for Utah agricultural producers and rural small businesses. All of the projects are funded by the federal Inflation Reduction Act. The funded companies are NooSun Dairy in Box Elder County, $99,250; Crossroads Tires Inc., doing business as Big O Tires Roosevelt in Duchesne County, $69,879; R.C. Leasing LLC in Grand County, $174,352; Randall E. Adams in Iron County, $19,494; Desert Rose Resort and Cabins in San Juan County, $599,361; Mountain Feller Tree Service and Sawmill in San Juan County, $20,000; Shalan’s Enterprises Inc. in Sanpete County, $20,000; Auto Tech Inc. in Uintah County, $72,522; Ranch Farms LLC in Wasatch County: $20,000; Cactus Hill Ranch Motel LLC in Wayne County, $20,000; and Jackson Excavation Inc. in Wayne County, $47,381.
• Gov. Spencer Cox has appointed Rich Nye as his senior advisor of education, effective July 29. Nye has been the superintendent of Granite School District since 2021 and previously served as superintendent of Ogden School District as well as deputy superintendent of student achievement at the Utah State Board of Education. Nye occasionally provides adjunct faculty services for the University of Utah and Utah State University, teaching courses in educational policy and leadership. Nye’s education includes a bachelor’s degree in history from Weber State University, a master’s degree in curriculum and instruction from WSU, and a Ph.D. in teacher education and leadership from Utah State University.

HEALTHCARE

• Epitel, a Salt Lake City-based company focused on AI technologies for brain health solutions to improve seizure monitoring and detection, has added Ken Nelson to its board of directors. Nelson has over 20 years of experience and expertise in shaping teams and driving commercial efforts for disruptive technologies in the wearables and remote patient monitoring industries. He most recently was head of digital health, diagnostics and monitoring at Biotronik. He previously served as global vice president of sales at BioTelemetry, vice president of sales and marketing at iRhythm, and chief commercial officer at Bardy Diagnostics. Nelson currently serves as a partner in the Medtech Advantage Fund; serves as chairman of the board for CardiaCare; and is an active board member for HeartBeam, Happitech and several other cardiac digital health and medtech startups. He also is involved with advisory boards and planning committees for SmartCardia, HeartX, HRX (Digital Health Summit of Heart Rhythm Society), and the American Heart Association’s Health Tech Innovation Business Advisory Board and Heart & Brain Accelerator.

INVESTMENTS

• Addax Overland, a Lehi-based company focused on overlanding products, has received a $2.5 million investment of capital and resources from Philo Venture’s Studio. Addax said the investment will allow it to further invest in innovation, manufacturing and research and development, specifically citing expedited manufacturing and production for its trailers and campers, and continue R&D to expand its offering of overlanding equipment. In addition to the cash injections, Philo will also provide operational resources and expertise across strategy, sales and operations.
• Banner Capital Management LLC, a Lehi-based private equity firm, has partnered with SBR Technologies Inc. and Vision Graphics LLC to provide growth capital and recapitalize the company. Vision Graphics, founded in 1966 and based in Salt Lake City, focuses on large-format commercial printing services. The company said it will use the investment to expand via acquisitions beyond its regional footprint in Utah and Nevada into other markets throughout the western United States. CEO Guy Timothy and the existing management team retained a meaningful ownership stake in Vision and will continue as leaders alongside new additions to the executive team who joined in connection with the transaction. Rod Larsonof Banner will be joining the Vision board of directors. He was previously CEO of Spandex, a supplier of signage and graphics materials, and who completed nearly 20 acquisitions in the industry. His experience in business services, manufacturing and distribution sectors includes over 10 years at FMC Corp., followed by Key Technology Inc. and later with Gerber Scientific Inc. where he oversaw the spinout of Spandex.
• Bliv, an Ogden-based provider of GLP-1 weight loss solutions for diabetic and obese Americans, has announced plans to raise capital in a seed round. The company opened its doors in early 2023. The company said the seed round will be used to expand its national telemedicine provider network, allowing them to reach more patients, and to support the expansion of services such as functional medicine, bioidentical hormone replacement therapy, specialized testing, sexual health and virtual urgent care.

MANUFACTURING

• Unicity, a Provo-based company that designs and produces nutritional products, has added Dr. Luc van Loon to its Scientific Advisory Board. His primary duties will be to consult on product development, provide input on scientific content, and lecture at company-sponsored events. Van Loon has been a professor of nutrition and exercise at Maastricht University in the Netherlands since 2010. His current focus is on the skeletal muscle adaptive response to physical activity and the impact of nutritional and pharmacological interventions to modulate metabolism in both health and disease.

REAL ESTATE

• The Point of the Mountain Land Authority has selected Nick Duerksen to serve as land development director for The Point development near Draper. The authority is overseeing development of the 600 acres of state-owned property at The Point. Duerksen will be responsible for overseeing the implementation of Phase I development and any future development projects outside of the Phase I boundaries. Duerksen has nearly four decades of experience in the public sector. He most recently served as a project manager in the Utah Transit Authority’s transit-oriented development division, where he oversaw the design, construction and management of half a dozen mixed-use developments across the Wasatch Front. Prior to managing UTA development projects, Duerksen served as the economic development director and redevelopment agency director for Sandy City. He started his career as a community development planner for the Five County Association of Governments in Southern Utah.
• Mountain West Commercial Real Estate, a Salt Lake City-based commercial real estate firm specializing in brokerage, property management, development services and capital markets, has added Allen Greenwellas head of marketing. He will oversee marketing for the company and support the graphics team in providing marketing materials. Greenwell has more than 18 years of experience in the commercial real estate industry, and his expertise includes marketing, graphic design, GIS, printing and event planning.

RECOGNITIONS

• Three Utahns are among the winners of the Entrepreneur of the Year 2024 Mountain West Awards, presented by Ernst & Young LLP. Among the one dozen award recipients in the Mountain West are Adam Fife, CenCore Group, Springville; Tyler Howells, Cozy Earth, Bluffdale; and Adam Paul, NextCentury, Providence. The Mountain West program celebrates entrepreneurs from Alaska, Colorado, Idaho, Montana, Oregon, Utah, Washington and Wyoming. The awards recognize the leaders of high-growth companies who are creating a more equitable, sustainable and prosperous world for future generations. The regional winners were chosen by an independent judging panel consisting of previous award winners, leading CEOs and other business leaders. The regional award winners will advance to consideration for the Entrepreneur Of The Year National Awards, set to be presented in November. The Entrepreneur Of The Year National Overall Award winner will then represent the U.S. as they compete for the World Entrepreneur Of The Year Award in June 2025.
• The Utah Association of Public Charters Schools recently presented Circle of Excellence Awards at its annual conference. The association received nearly 200 nominations from the over 150 public charter school campuses throughout Utah. Award recipients are Administrator of the Year, Tess Miner-Farra, Winter Sports School, Park City; Board of the Year, Promontory School of Expeditionary Learning, Perry; Business Manager of the Year, Brad Wilkinson, Summit Academy Schools, campuses in Bluffdale and Draper; Counselor of the Year, Karen Thomson, Utah Connections Academy, an online school; Employee of the Year, Tammy Israelsen, Freedom Preparatory Academy, campuses in Provo, Vineyard and St. George; Legislator of the Year, Rep. Karianne Lisonbee, Utah House of Representatives District 14; Rookie of the Year, Justin Blasko, Vista School, Ivins; School of the Year, Mountainville Academy, Alpine; and Teacher of the Year, Sophie Enquist, Legacy Preparatory Academy, Woods Cross.
• Leavitt Group, a national brokerage firm based in Utah, recently awarded GBS Benefits with the Agency Excellence Award for its exceptional growth, profitability and customer service in 2023. Dan Nelson, GBS Benefits’ CEO, received the Chairman’s Award, which honors an individual who has made an extraordinary impact within Leavitt Group over the past year.

RETAIL

• Walmart is accepting applications through July 15 for its 11th annual “Open Call” event, inviting small-business owners and entrepreneurs across the U.S. to apply for their products to be sold on Walmart or Sam’s Club shelves or on Walmart.com and SamsClub.com. Open Call 2024 will be held Sept. 24-25. At last year’s Open Call, Walmart and Sam’s Club merchants heard over 1,000 pitches from more than 700 businesses from all 50 states. Walmart has 59 retail outlets in Utah. Details are at https://corporate.walmart.com/suppliers/investing-in-american-jobs/events/annual-open-call.

SERVICES

• Footprints Floors, the flooring installation brand with 150-plus territories nationwide, has expanded its presence into Salt Lake City under local resident Justin Cowley. Founded in 2008, Footprints Floors specializes in installing hardwood floors, carpet, tile floors, backsplashes and laminates. Last year, the brand added 15 new territories through 12 franchise agreements, including expansions into California and Washington. This year, it will continue its growth in California while also targeting markets in Massachusetts, Maryland, New Jersey and Delaware. Cowley previously owned several businesses, including physician practices, a surgery center, an ultrasound company and a marketing company.