Statement from UniTao Pharmaceuticals, LLC March 20, 2015

Statement from UniTao Pharmaceuticals, LLC
March 20, 2015

Today, UniTao Pharmaceuticals, LLC (UniTao) announced plans to idle its pharmaceutical operations in Petersburg, Virginia, until business conditions improve. UniTao is expected to keep a small team on-site to ensure the facility remains a viable pharmaceutical operation in the near future. The impacted employees will receive a severance package for their brief service to the company.  UniTao has informed the Governor's office and the City of Petersburg that it will not be accepting the economic development grants offered by the state and the locality since the company cannot meet the obligations of those agreements at this time.