August 10, 2012

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GOED Helps Xi3 Expand its Tiny, Modular & Ecofriendly Computers

Press Release

August 10, 2012

Its website asks the question, “What is Xi3?” It’s a decade of planning and development toward securing patents for some of the most innovative computer development and design in the world. And now Xi3 stands for 500 new jobs in Utah and tens of millions of dollars in capital investment to expand the company’s IT product line.

“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 Gov. 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 $32,244,000 in capital investment towards 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.

According to the company, the patented Xi3 Computer Architecture is a very flexible and adaptable platform that has allowed the company to bring to market its award-winning Xi3 Modular Computer, a small, powerful and energy efficient 64-bit computer. Numerous additional computers, servers and other products built on the Xi3 Computer Architecture are in various stages of development, with several slated for introduction this fall.

“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.’”

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 luring out-of-state companies to Utah and helping native-born companies grow.

The GOED Board of Directors knew the answer to the question, “What is Xi3?” and has responded with a 5-year, post-performance $2,045,825 Economic Development Tax Increment Financing (EDTIF) refundable tax credit that builds on the State’s legacy of successfully targeting economic development in the IT industry.

The EDTIF incentive will credit 20 percent of new state tax revenues paid in the previous calendar year over the 5-year length of the incentive. Xi3 expects to generate $169,733,873 in new state wages and $98,005,932 in new state revenue during the life of the incentive.

“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.”

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