Empyrean West, LLC
25.09.2012 14:00
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SCOTTSDALE, Ariz., 2012-09-25 14:00 CEST (GLOBE NEWSWIRE) --
U.S. investment firm Empyrean West has secured strategic consultancy and
sufficient capital from Global Private Funding to establish a national
footprint for creating jobs under the guidelines of the U.S. government's
Immigrant Investor Program (EB-5). Terms were undisclosed.
The selection of Empyrean by Global clears the way for a flurry of EB-5 funded
Regional Center projects within the next month, when Empyrean will target the
hospitality industry (Hyatt, Marriott), healthcare (Miller Architects) and the
energy sector (U.S. Fuel, and an undisclosed Native American Tribal Nation).
The EB-5 program permits private companies to convert the capital of U.S.
visa-seeking foreign investors into American jobs. Under strict guidelines of
EB-5, a foreign national makes a minimum investment of $500,000 into a new
commercial enterprise expected to create at least ten jobs within two years and
earns investors and their families Permanent Resident status. Investors
typically utilize the EB-5 program for temporary residency, during which their
families can be educated in the United States, or as a bridge to permanent
citizenship. Investors expect to recoup their investments in five to seven
years.
But since Congressional authorization of the pilot EB-5 in 1992, the program
has been difficult to execute and sustain throughout the logistically and
legally complex chain of accountability, from honest foreign-investor
acquisition to legitimate domestic business enterprises, according to Empyrean
principals Jay Carter and David Keller. They cite as recent examples Mamtek's
reported failure to properly manage financing of a sucralose-plant project in
Moberly, MO. and the U.S. Citizenship and Immigration Services' unprecedented
shuttering of the Victorville (Calif.) Regional Center for improperly crediting
job creation to a waste-water facility.
Empyrean West has rectified the troubled program by using best practices
derived from the principals' corporate experience running business units for
some of the most prestigious American international Fortune 50 corporations,
including Kraft and Procter & Gamble. The principals bring to the venture the
experience of having started Arizona's first approved Regional Center--learning
that end-to-end control is necessary to govern the myriad business parameters
satisfactorily. Empyrean West has forged a 'gold standard' benchmark by which
other EB-5 programs can be measured, the quality that caught the attention of
Global Private Funding.
'Empyrean's proprietary Liberty Tracker software is the heart of its unique
system for protecting foreign investors. By the company's atypical use of
foreign-investor EB-5 escrow accounts, scrupulous due diligence on compliance
issues via strategic partnerships, and adherence to strictest commercial
lending standards with respect to the businesses themselves--even instituting
fines for enterprises not fulfilling their hiring duties--Empyrean goes beyond
what is merely regulated to what is required to make their ventures sustainable
and prosperous for the foreign investor, the developer, and the American
worker,' said David Keller, Chief Executive Officer of Empyrean.
'The most important distinction between Empyrean's system and all the others is
that typical EB-5 programs are disjointed from the investors as they work
through a maze of unregulated brokers charging investors $20,000 to $50,000,
often with no results. Empyrean allows foreign investors to register directly,
understand the investment intimately, invest directly, and know the progress
progressively,' says Jay Carter, Empyrean West's Chief Operating Officer. 'Our
approach is to protect the foreign investor first, ensuring a steady stream of
income coming in, and keep it safe by building the businesses on our own
terms.'
'Only Empyrean has the control and monitoring systems in place to safeguard the
investor dollars and assure the success of the projects,' says Andrew
Halarewicz, Senior Vice President and Branch Manager at Global's Century City,
Calif., Incubation Center. 'Empyrean's electronic data interchange communicates
with systems such as payroll, escrow, legal, and banking to provide the foreign
investor, the developer and USCIS total transparency.'
Empyrean West's association with Global Private Funding gives the company
complementary strengths in international business and foreign government
relations, security, and access to private equity that will allow Empyrean to
sustain its efforts through the critical business-building stage and then
expand dramatically--from making a substantial, immediate impact on the
southwest region to becoming a national force for economic development.
'As a truly global private-equity lender, we are quite accustomed to dealing
with foreign investors and high-net-worth clients,' says Sam Senev, Global
Private Funding's Chairman and Chief Executive Officer. 'And because even one
percent of tainted investor's money causes one hundred percent of the total
investment to be tainted, Global's standard operating procedure includes
rigorously tracing the source of funds and conducting full background checks of
investors. That extraordinary degree of prudence will safeguard Empyrean
projects from less-than-credible money and help guarantee their success.'
Global's incubation of Empyrean represents a giant step toward realizing
Empyrean's ambition to become a powerful engine of job creation while restoring
the reputation of the EB-5 program and the American Dream itself. International
presence will be expanded within the next three months in China, Korea, Vietnam
and India as the Branch Managers are identified.
The Empyrean West, LLC logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=14867
CONTACT: David C. Keller
Chairman & CEO
Empyrean West LLC.
17470 N. Pacesetter Way
Suite 226
Scottsdale, AZ 85255
DKeller@EmpyreanWest.com
480-797-6475
Terry Gubatan
Vice President, Bank Outsourcing Services
Global Private Funding, Inc.
1875 Century Park East
7th Floor
Century City, CA 90067
TerryGubatan@GlobalPrivateFunding.com
917-746-4636
News Source: NASDAQ OMX
25.09.2012 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: Empyrean West, LLC
United States
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ISIN: US9902276628
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DGAP-News: Empyrean is Selected as the Gold Standard for EB-5
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