Reditus Laboratories is losing ground as the company’s owners remain embroiled in a bitter public legal dispute.
According to a statement issued by the Beijing-based testing company, it was released on Monday.
Reditus will end all testing starting this Friday. The company was incorporated in April, taking over from CEO Aaron Rossi’s financial control.
The civil lawsuit between Rossi and James Davie continues in Tazewell County Circuit Court. The company’s statement says that the owners do not oppose the liquidation of the company as the trial continues, although the long dispute is said to be “just one factor” in the decision to close. the company and sell its assets.
Rossi also faces federal tax charges. Rossi has pleaded not guilty to those charges.
Reditus Labs was founded in 2019. The company received a $100,000 loan from the City of Pekin to help start its operations. The company employed about 300 people during the COVID-19 pandemic, as demand for its testing services was extremely high.
Employees are being notified of the company’s closure.
Among the company’s activities is a profitable contract with the State of Illinois for PCR testing COVID-19, more than $222 million.
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