SALT LAKE CITY — A Utah computer manufacturer vows to add 500 new jobs over the next five years.
The Governor’s Office of Economic Development Thursday approved a five-year, post-performance $2,045,825 refundable tax credit for Salt Lake City-based Xi3 Corp.
The company plans to devote $32,244,000 in capital investment toward future expansion along the Wasatch Front during that period, with projections to bring 500 new employees to its Utah workforce during that timeframe. The new positions will pay wages at a minimum of 25 percent above Salt Lake County or Utah County average wages including benefits.
Xi3 expects to generate nearly $170 million in new state wages and more than $98 million in new state revenue during the life of the incentive.
In November 2010, the company introduced its patented Xi3 Computer Architecture with its Xi3 Modular Computer — the smallest, most powerful and most energy-efficient 64-bit computer currently in production. Presently, the company has numerous additional computers, servers and other products various stages of development, with several slated for introduction this fall.
“We have a very smart, hard-working and dedicated workforce,” said Jason Sullivan, founder and CEO of Xi3 Corporation. “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."
- Verizon buys Yahoo for $4.83B, marking end of...
- Historic solar flight marks first...
- Judge set to decide on $15B Volkswagen...
- Former Oregon lumber town rides digital wave...
- US home prices rise at steady pace as sales...
- Stocks waver as investors monitor company...
- US stocks rise, helped by jump in Apple shares
- Fiat Chrysler raises outlook as Q2 profits...
- Get all your outdoors work done by... 14
- How to recognize the signs of a scam... 4
- Verizon buys Yahoo for $4.83B, marking... 3
- Deseret News, KSL want court records in... 3
- Utah communities are working to stop... 3
- Historic solar flight marks first... 1
- 5 things to do when quitting your job 1
- Panel recommends options to reduce... 1