San Jose, CA, November 13, 2012 – NES Financial (NESF), a leading provider of financial services solutions for EB-5 Regional Centers, banks and Fortune 500 companies, has announced that Palm Beach Regional Center has chosen NES Financial’s EB-5 Escrow Administration Solution. The project will raise capital to be used for improvements on the Palm Beach International Raceway (PBIR).
The PBIR project plan includes adding an industrial motorsports park, restaurant, clubhouse, and museum. Additionally, PBIR will add 20 pit garages with rooftop viewing areas, elevators, and a driver’s lounge. This state-of-the-art facility will have direct access to PBIR’s road course, skid pad, drag strip and karting track. The project is expected to create 575 jobs in the Palm Beach area.
The federally sanctioned EB-5 visa program encourages foreign nationals to invest in projects that create U.S. jobs, and provides the opportunity for the foreign investors to become lawful permanent residents. The industry best practices are to hold potential investor deposits in escrow pending the approval of their I-526 applications by the USCIS.
“We reviewed several alternative solutions for our EB-5 escrow and were most impressed with NES Financial’s complete solution,” said Jason Rittenberry, President of Palm Beach Regional Center. “Unlike other traditional escrow solutions provided by banks, NESF also provides extensive EB-5 experience and specific custom technology to automate many of the unique functions and reporting required to support the EB-5 investors.”
“We are pleased to be working with quality Regional Centers like Palm Beach Regional Center which recognize the competitive advantage that the NES Financial solution brings to their capital raise,” said Reid Thomas, EVP of NES Financial. “The experience of our client services team, combined with the proven benefits of our eSTAC-based EB-5 technology platform, provides numerous benefits to investors and Regional Centers throughout the project.”
For more information on NES Financial’s EB-5 Administration Solution, contact NES Financial at (800) 339-1031 or visit www.nesfinancial.com.
About NES Financial
NES Financial is a leading provider of administration solutions for businesses with complex processes, large sub-accounting needs, and significant compliance requirements in a broad spectrum of industries. Combining in-house financial and legal expertise with state of the art technology, NES Financial helps banks, Fortune 500 corporations, and EB-5 Regional Centers improve operational efficiency, lower costs, and improve profitability. Recognized by Inc. magazine’s 500|5000 list as one of the fastest growing private companies in America, NES Financial safely processed more than $85 billion last year and protects businesses from financial risk by delivering unmatched levels of transparency, fund security, and regulatory compliance.
About Palm Beach Regional Center
Palm Beach Regional Center (PBRC) is conveniently located in one of the most luxurious and desirable cities in the world, Palm Beach, Florida. The PBRC project is designed to meet EB-5 Visa job creation requirements while providing investors with a worthwhile investment opportunity. The PBRC project will be located at Palm Beach International Raceway, a state-of-the-art 300 acre multi-use motorsports and entertainment complex. For more information, visit www.pbregionalcenter.com
# # #