News Releases

October 23, 2009

Governor Douglas and South Korean Biotech Company Finalize Plan to Bring Hundreds of New Jobs to Vermont

Jay Peak’s Bill Stenger and AnC Bio VT, LLC Receive Approval as a Vermont EB-5 Regional Center Project

Seoul, South Korea – On their first full day in Asia, Governor Douglas and Commerce Secretary Kevin Dorn finalized plans with Jay Peak Resort President Bill Stenger and his partners, South Korean company AnC Bio Inc., to designate its new subsidiary, AnC Bio VT, LLC as an official Vermont EB-5 Regional Center Project. AnC Bio VT is now raising money for a planned new facility in Orleans County that will lead to the creation of over 200 new jobs.

“On behalf of the people of Vermont, I want to welcome AnC Bio to Vermont. This is an exciting opportunity that can bring hundreds of high-tech, good paying jobs to our state,” Governor Douglas said. “Thanks to the EB-5 program, our economic development team and Bill Stenger – who was instrumental in bringing this company to Vermont – we are bringing millions in new investment to Vermont businesses and hundreds of new jobs to our state at this critical time. This company and others we are meeting with will bring important job opportunities to the people of our state.”

As an approved Vermont EB-5 Regional Center Project, AnC Bio VT can begin to raise capital through the EB-5 investor program to begin construction on a new $50 million facility in Orleans County that is scheduled to open in 2011. The facility will manufacture portable dialysis machines, cell therapy machines, vaccines and other bio-medical supplies, as well as conduct cutting-edge research and development.

“I want to thank Bill Stenger and his partners here in South Korean for their commitment to this great project and our state,” said Kevin Dorn. “This is a real testament to the hard work of all those involved in this project as well as those in my agency who are working so hard to make the EB-5 program a success in Vermont.”

Bill Stenger, President and co-owner of Jay Peak Resort, was instrumental in helping AnC Bio VT receive an EB-5 Vermont Regional Center designation and in locating a new facility in the Northeast Kingdom. Stenger is also raising funds through the EB-5 program to continue the expansion of Jay Peak Resort.

At the signing ceremony University of Vermont Dean of the College of Engineering and Mathematical Sciences, Dr. Domenico Grasso spoke of the mutual impact of having a company like AnC Bio VT locating in Vermont – with close proximity to four universities with strong bio programs, including at UVM.

In addition to the signing ceremony, the Governor facilitated the first EB-5 investor seminar of the economic development mission. Over 100 South Korean investors interested in making potential investments in Vermont attended the session.

Earlier in the day, Governor Douglas met with Kim Moon-soo, Governor of Gyeonggi Province – the largest province in South Korean with nearly 11 million people.

Media Note: Photos of the signing ceremony are available.

Source: Office of the Governor
Last Updated at: October 23, 2009 15:31:11