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ACCOUNTING
• BKD CPAs & Advisors, based in Missouri, has launched a new Transfer Pricing Services (TAS) division in the firm’s Salt Lake City office, 510 S. 200 W., Suite 200. BKD’s TAS services include planning analyses, documentation studies, dispute resolution, economic analyses and advance pricing agreements. Levi Brewer will lead the division with support from Will James, who is serving both BKD’s Salt Lake City and St. Louis offices. Jeff Ronsse is the managing partner for BKD’s Salt Lake City office. Founded in 1923, the company has about 2,900 employees.
CORPORATE
• Co-Diagnostics Inc., a Salt Lake City-based molecular diagnostics company, has announced that it is expected to join the Russell 2000 Index at the conclusion of the annual Russell U.S. indexes reconstitution after the close of equity markets June 26. The annual indexes reconstitution captures the 4,000 largest U.S. stocks as of May 8, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. FTSE Russell, a leading global index provider, determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
ECONOMIC INDICATORS
• Two in three Utahns say the coronavirus lockdown inspired them to make healthier life choices, such as quitting smoking, exercising more and drinking less alcohol, according to Rehabs.com, a provider of rehabilitation resources and treatment information. The national average is 54 percent. One in five Utah respondents say their alcohol consumption has decreased the longer lockdown has continued.
• Utah ranks No. 1 among states for adults with suicidal thoughts and No. 3 for overall mental health disorders in 2020, a list compiled by PSYDPrograms.org. Six percent of Utahn adults are experiencing suicidal thoughts and 23.5 percent of adults are suffering overall mental health issues, compared to the national average of 18.6 percent, it said. The list was compiled after analyzing data from Mental Health America on anxiety, depression, substance abuse and suicidal thoughts. Utah also ranks No. 40 among states with 7.2 percent struggling with substance abuse. The top state for mental health issues is Idaho. The lowest-ranked is New Jersey.
GOVERNMENT
• Starting July 1, Utah businesses filing for the Enterprise Zone Tax Credit will receive a reduced amount. The reduction is the result of legislative changes. Before the SB95 changes, a company would receive 10 percent of the first $250,000 in investment and 5 percent on the next $1 million when a company operating within an enterprise zone invests in plant, equipment or other depreciable property. With the changes, as of July 1, a company will be able only to receive a tax credit of 5 percent of the first $750,000. Applicants who have been contacted by the Governor’s Office of Economic Development to provide additional information can still provide documentation before midnight on June 30, and receive the full amount. Any information received for applications before July 1, but found insufficient for GOED to process a tax credit, will be reduced to a 5 percent tax credit. Forms and other documents that help applicants calculate and apply for the credit will be available July 1 at https://business.utah.gov/rural/.
HEALTHCARE
• Dymicron, an Orem-based privately held medical device company focused on a cervical disc replacement system, has appointed Ted Bird as executive vice president of corporate development and chief strategy officer, and Eric Lange as vice president of regulatory strategy. Bird has over 35 years of global commercial experience in the medical device arena, including 30 years in the spine industry. He led global marketing, medical education and business development at Medtronic Sofamor Danek, and served as vice president of Spine Arthroplasty Education at Depuy Spine/Johnson & Johnson, president of Orthofix Spinal Implants Division, and non-executive chairman of the board at Apifix. He also served as chief commercial officer at Titan Spine and founded consulting firm Bird Medical Group. He currently serves on the board of Bio2 Technologies Inc. Lange joined Dymicron in May 2019. He has over 27 years of experience in the spinal device industry, including 20 years in product development leadership positions at Medtronic.
INVESTMENTS
• Chargeback, a Salt Lake City-based software company focused on merchant dispute management, has completed at $6.6 million Series A1 funding led by FINTOP Capital and Next Frontier Capital, with participation from existing investors, including Next Coast Ventures and Kickstart Fund. Chargeback was founded in 2017.
PHILANTHROPY
• The Gateway, Salt Lake City, has a new way their guests can give back and help the restaurant community with the new “Dine to Donate” punch card. Diners can print their own card at http://shopthegateway.com/ or get one from a participating Gateway restaurant. Through July 31, diners can collect punches, filling the card by eating four lunches and four dinners. A fully punched card will result in The Gateway making a $5 donation to the “Tip Your Server” program, where every dollar donated goes directly to Salt Lake City hospitality workers. Everyone turning in a punch card will also receive a limited edition #SaltLakeStrong tote bag.
• Purple, a Lehi-based comfort products manufacturing company, has donated 100 new mattresses, specifically manufactured in response to the global COVID-19 pandemic, to Salt Lake City’s The Road Home for the homeless. The mattress donations will provide support for families and individuals who are moving into, or now living in, a permanent housing location. The donation is in cooperation with Relief Bed International, a nonprofit organization that provides beds to disaster victims and homeless shelters around the world.
RETAIL
• The board of directors of Overstock.com Inc., a Salt Lake City-based online retailer and technology company, has appointed William Nettles as a new independent director. Nettles is a co-founder and managing partner of Invictus Growth Partners, a private equity firm located in San Francisco that invests in and advises automation-enabled technology companies. He has more than 25 years’ experience in technology, investing and corporate finance. His experience includes serving as the executive vice president of Sungevity, the director of investments at Pan African Investments, vice president and head of corporate development and investor relations and later GM of the Middle East and Africa at VeriFone, a corporate development executive at Lycos, and an investment banker at Credit Suisse. William is also a founder and on the board of directors of Advanced Mobile Payments.
RURAL UTAH
• The Governor’s Office of Economic Development (GOED) board, at its June meeting, endorsed six Rural Fast Track grants. National Park Tourz LLC, of Kanab in Kane County, was endorsed for a $50,000 grant to help the company remodel a building to expand office space and buy equipment for a mechanic shop and a café/restaurant. The $125,000 project is expected to create one new full-time position. C&J Walker & Sons Inc., of Fountain Green in Sanpete County, was endorsed for a $50,000 grant to help the company build a large shop to store large quantities of inventory. The $100,333 project is expected to create one new full-time position. Soapcreek Manufacturing, of Ephraim in Sanpete County, was endorsed for a $34,061 grant to help the company buy new manufacturing equipment (custom shrink machine and rotating press) and a delivery truck. The $80,622 project is expected to create one new full-time position. Terry R. Brotherson Inc., of Mount Pleasant in Sanpete County, was endorsed for a $45,000 grant to help the company buy GPS control units and equipment to enhance machine controls on bulldozers. The $90,357 project is expected to result in one new full-time position. Gordon's Custom Building, of Ephraim in Sanpete County, was endorsed for a $50,000 grant to help the company build a new building for production, storage, office space and a showroom. The $250,000 project is expected to result in one new full-time position. Sherwood Forest Natural Rabbit Food LLC, of Ephraim in Sanpete County, was endorsed for a $50,000 grant to help the company purchase production equipment (pellet mill base machine, gravity discharge, control panel and heavy-duty force feeder) and supporting equipment. The $135,000 project is expected to result in one new full-time position. Each of the grants had been approved by the Governor’s Rural Partnership Board.
TECHNOLOGY/LIFE SCIENCES
• GearLaunch, an e-commerce platform company, has relocated its headquarters from San Francisco to Salt Lake City, bringing 15 creative, technical and management jobs to Utah. The announcement was made by the Economic Development Corporation of Utah and the Governor’s Office of Economic Development. GearLaunch’s platform provides businesses with online storefronts, access to a global supply chain of on-demand products, customer support and logistics services. The company was founded in San Francisco in 2013. It has 75 employees worldwide.