PONTIAC ? GPSi has closed $1 million in subordinated senior debt from Hennessey Capital of Huntington Woods to meet increased demand for its Guidepoint telematics service in Mexico and North America. GPSi said its business in Mexico has more than tripled since February 2005, when it launched the new digital telematics system, which was developed
DETROIT ? TechTown celebrated its first year in business Tuesday by handing out some awards, a hundred TechTown T-shirts, and high hopes the rapid progress made by Detroit?s only research and technology park will continue in year two and beyond. In a single year, TechOne went from an empty building to a business incubator housing
TROY ? XM Satellite Radio will turn a profit next year, says the company's chairman. Gary Parson, XM chairman, said during a visit to Detroit that the company's start-up plan, which included provisions for heavy losses, is unfolding as planned. Thus XM is on course to turn a profit next year and sign up as
DETROIT - GLIMASoutheast?s 5:01 business networking event returns to downtown Detroit July 21 at Seldom Blues starting at 5:01 p.m, the first time in a year that GLIMASoutheast has hosted a tech networking event in the Motor City. The event is free for GLIMASoutheast members and $10 for non-members. The $10 admission fee will be
LANSING - Health care, not autos or manufacturing, is Michigan's largest employer, providing nearly three quarters of a million direct and indirect jobs that pump $29.8 billion a year into the state's economy, contends a new study by the Partnership for Michigan's Health. Michigan health care workers and their employers also pay more than $8
LANSING ? GEE! Communications and Network Solutions will be acquired by Strategic Products and Services, a New Jersey-based provider of data and voice communications products. Terms were not disclosed. The pending acquisition of GEE! will expand SPS?s market presence into Michigan and Wisconsin and strengthen its existing Chicago market coverage. SPS? new offices will be
LANSING: The Michigan Broadband Development Authority closed a loan for $520,000 loan with the New York-based Shpigler Group that will bring broadband over power line service to St. Johns and Grand Ledge ? only the fifth such commercial deployment of BPL technology in the country. The company will do business as Lighthouse Broadband and will
LANSING - House Republicans are considering selling Michigan?s $8 billion share of the national tobacco settlement, scheduled to be paid over several decades, for an upfront payment that would fund the business tax cuts they want to pass, but possibly jeopardize the state?s credit rating. The House GOP already was weighing using one-quarter of the
ANN ARBOR - Well-heeled retirees often relocate to warmer climes in search of sunny skies and year-round golfing, but they also move to avoid paying higher taxes, a University of Michigan economist reported Wednesday. A new study by Joel Slemrod of Michigan's Stephen M. Ross School of Business and colleague Jon Bakija of Williams College
LANSING ? Twenty-four life sciences companies shares $27.3 million in Michigan Technology Tri-Corridor funding, including two recipients that will receive more than $2.5 million in funding each. Winners of the competitive, peer-reviewed process include researchers at Michigan public universities and entrepreneurs working to commercialize technology-based products. "If we are to grow our economy, it is