R. Platt Boyd, left, and Chris Weller, with Branch Technology, stand on the stage after receiving the Investor's Choice award at the Gigtank Demo Day Tuesday, July 28, 2015 at GPS.Gigtank businesses will pitch plans Wednesday
A dozen startups that think they've come up with business ideas that take advantage of Chattanooga's citywide high-speed Internet will unveil their ideas to the public Wednesday night.
The startup teams of GIGTANK 365's 2016 summer cohort will pitch their startups to investors, media and members of the general public.
Participants, which hail from cities across the Southeast and other locations across the country, will present ideas in 3D printing, virtual reality, telehealth and more.
The event marks the culmination of the summer program and will feature product displays and demonstrations during the networking hour.
Hosted by The Company Lab (CO.LAB), GIGTANK is a boutique startup accelerator that attracts world-class talent to Chattanooga each summer to launch next-generation businesses. The entrepreneurs of GIGTANK 365's summer cohort have spent the last two months preparing 3D printing, telehealth and virtual reality startups to go to market.
The event will be held from on the fifth floor of the Edney Building at the corner of Market and 11th streets with networking from 5:30 p.m. to 6 p.m., pitches beginning at 6:15 p.m. and product demonstrations and more networking at 7:15 p.m.
Utz Quality Foods to buy Golden Flake
The parent company of Golden Flake Snack Foods Inc. - a longtime Alabama maker of potato chips and other snack foods - is being acquired by Utz Quality Foods Inc. of Hanover, Pennsylvania.
Birmingham-based Golden Enterprises and Utz Quality Foods announced this week they've entered into a merger agreement.
Golden Enterprises CEO Mark McCutcheon said in a statement that merging would allow the Golden Flake brand to continue growth in the Southeastern U.S. while expanding product selections.
Utz Quality Foods Inc. is a privately held snack food company founded in 1921 by William and Salie Utz, who began making potato chips out of their home. Golden Flake began similarly in 1923.
Under the deal's terms, Utz would acquire Golden Enterprises with Golden's stockholders receiving $12 per share in cash.
Mortgage rates edge up, but stll near historic lows
Long-term U.S. mortgage rates edged higher this week, remaining near historically low levels as a continued enticement to prospective homebuyers.
Mortgage giant Freddie Mac said Thursday the average for the benchmark 30-year fixed-rate mortgage rose to 3.45 percent from 3.42 percent last week. The average rate is down sharply from 4.04 percent a year ago.
The 15-year fixed mortgage rate increased to 2.75 percent from 2.72 percent last week.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage remained at 0.5 point this week. The fee for a 15-year loan also was unchanged from last week at 0.5 point.
Rates on adjustable five-year mortgages averaged 2.78 percent, up from 2.76 percent last week. The fee rose to 0.5 point from 0.4 point.
FILE - This Feb. 14, 2013, file photo, shows the Mazda logo on a sign at the 2013 Pittsburgh Auto Show, in Pittsburgh. Mazda says it is recalling 4.9 million older vehicles worldwide, including 1.36 million in the U.S., because ignition switches could overheat and catch fire. The U.S. recall covers the 1990-1996 323 and Protégé, the 1993-1998 626, the 1993-1995 929, the 1993-1997 MX-6, the 1989 to 1998 MPV and the 1992-1993 MX-3. (AP Photo/Gene J. Puskar, File) Mazda adds pickups to Takata air bag recall
Mazda is recalling almost 4,000 older small pickup trucks mainly in southern U.S. states to replace Takata air bag inflators.
The recall covers passenger air bags in B-Series trucks made by Ford from the 2007 to 2009 model years.
The recall is part of a massive expansion of Takata recalls announced in May. Seventeen automakers are adding 35 million-to-40 million inflators to what already was the largest auto recall in U.S. history. The number of inflators recalled could hit 69 million.
Takata uses ammonium nitrate to create a small explosion to fill air bags. But the chemical can deteriorate and burn too fast, blowing apart a metal canister and hurling shrapnel. At least 11 people have died worldwide.
Dealers will replace the inflators, but no timing was announced for repairs.