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MyWebGrocer Awarded Vermont Employment Growth Incentive

Colchester, VT, April 21, 2010: In recognition of its potential for continued growth, the Vermont Economic Progress Council has awarded MyWebGrocer a Vermont Employment Growth Incentive (VEGI). The VEGI program is designed to encourage economic development within Vermont that would not have otherwise occurred .

Founded in 1999 by Jerry, Brian, and Rich Tarrant, Jr. and headquartered in Colchester, MyWebGrocer currently employs 87 people – 75 of whom reside in Vermont. The company has expanded dramatically within the past five months and expects to continue significant growth throughout 2010 and 2011.

MyWebGrocer began as an eCommerce provider for the grocery and consumer packaged goods industry, and has since expanded to provide a comprehensive suite of digital marketing services including website design, mobile App development, digital circulars, and email marketing and customer targeting. The company also operates the nation’s largest grocery ad platform, selling advertising on its consumer-facing applications to top brands including Kellogg’s, Unilever, and P&G.

“MyWebGrocer is a growing company with a ten-year history in Vermont,” said MWG’s Chief Operating Officer, Tim Kenney. “We are proud of our Vermont heritage and appreciate the vote of confidence from the Vermont Economic Progress Council. We are looking forward to utilizing these incentives to continue our growth within the state.”

The company was authorized to earn up to $453,475 worth of incentive payments over five years if they meet and maintain payroll, employment and capital investment targets each year.

“These incentives for MyWebGrocer will help this already fast-growing company accelerate their hiring,” said Karen Marshall, chairwoman of the Vermont Economic Progress Council. “The software and e-commerce sectors are an increasingly important part of Vermont’s economy, and we were excited by the opportunity to assist a firm that is contributing to that success.”

The Council approved the incentives after reviewing nine program guidelines and applying a rigorous cost-benefit analysis which showed that because of the economic activity that will be generated by the new hiring, even after payment of the incentives the state will realize a net increase in tax revenues.

The Council also determined that this activity would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.

The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the governor and two legislators that considers applications to the state’s economic incentive programs. It is attached to the Vermont Agency of Commerce and Community Development.

About MyWebGrocer: MyWebGrocer drives digital connections between consumers, grocery retailers, and Consumer Packaged Goods brands. MWG creates digital solutions for clients including websites, digital media, online circulars, email marketing, eCommerce, mobile applications, social media strategies, and customer acquisition programs. MyWebGrocer works with more than 100 retailers nationally, representing more than 5000 stores, and operates the largest grocery ad network in the nation.