California lab run by a Chinese biotech firm, Prestige Biotech, discovered in Reedley, California…it gets even more interesting.
This company, NOT licensed to conduct business in California, received a $360,000 tax credit, thanks to the office of one Gavin Newsom.
As recently discovered, Prestige Biotech is registered in the State of Nevada, but unlicensed to conduct business within the State of California.
Code enforcement officials from the City of Reedley spoke to Xiuqin Yao, President of Prestige Biotech, as identified via emails and court documents.
Ms. Yao informed authorities that the company was the largest creditor of Universal Meditech (UMI), Inc. which filed for bankruptcy. UMI had been relocated from the City of Fresno to the Reedley warehouse following an electrical fire, and when UMI ceased operations.
According to NBC News, “Prestige Biotech was a creditor to UMI and identified as its successor, according to court documents.”
In 2019, Mr. Zhaoyan Wang, CEO of UMI, praised the Fresno County Economic Development Corporation’s guidance regarding tax credit opportunities and HR resources.
“The EDC has provided us with guidance and HR resources as well as worked with us in terms of the NEO program, which has helped us save a lot of time and working capital on employee hiring.
The EDC has also informed us about other incentives available for business, such as California Compete Tax Credit and referred us to proper departments and personnel for further assistance.” – Zhaoyan Wang.
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