WElkins, LLC selects NES Financial’s EB-5 Escrow Administration Solution for innovative personal cooling project
San Jose, CA, October 29, 2013 – NES Financial announced today that it has been selected by WElkins, LLC to administer the funds associated with their groundbreaking personal cooling system project. NES Financial, the market leader in EB-5 products, provides end-to-end escrow administration solutions, built on its proprietary eSTAC® technology, which is designed to keep investors’ funds secure and add transparency through the EB-5 process.
The EB-5 visa program, created in 1990, encourages investment into government-approved projects that stimulate US based jobs, while providing an opportunity for foreign nationals to become lawful permanent residents. The visa applicant’s investment is typically held in escrow for several months, pending approval of the I-526 application by the United States Citizenship and Immigration Services.
WElkins, LLC, based in Chicago, Illinois, has been developing products to enhance human performance, survival, and quality of life in threatening and extreme conditions since 2004. Their product family of microenvironment cooling systems is used in a wide range of applications by athletes, military, medical personnel, etc. Having recently received FDA approval on their Temperature Management Systems for the medical industry, WElkins will deploy EB-5 funds to ramp up production capacity and support clinical research.
“After exploring several alternatives, we partnered with a local Regional Center and chose the option of EB-5 financing. We were referred to NES Financial because they are the leaders in this space,” said Christopher Blodgett, COO of WElkins, LLC. “We partnered with them ultimately because of their experience and expertise, as well as the funds security they provide for our investors.”
NES Financial’s EB-5 Escrow Administration Solutions meet a critical need for EB-5 issuers and their investors by providing a complete audit trail of the flow of funds throughout the life cycle of the immigration process – from the filing of the I-526 application through the I-829 petition. As a result of this services-based solution, NES Financial’s clients enjoy tremendous improvements in operating efficiency, and their investors are provided with the highest level of transparency throughout the EB-5 process.
“Most of the projects that leverage EB-5 funds are focused on developing commercial real estate,” said Reid Thomas, NES Financial EVP. “However, as WElkins recognizes, there are very interesting opportunities outside of commercial real estate for investors to make investments and pursue permanent residency. They share our vision of making sure their offering provides the highest level of security, transparency, and compliance for investors.”
About NES Financial
NES Financial provides technology-enabled services for the efficient administration of highly specialized financial transactions. Our custom solutions include EB-5 escrows, 1031 exchanges, and fund administration transactions. Many of the world’s largest financial institutions and corporations rely on our proprietary technology, unparalleled expertise, and outstanding services to ensure the secure, transparent, and compliant management of funds. Recognized two years running by Inc. Magazine’s 500|5000 list as one of the fastest growing private companies in America, NES Financial helps companies lower administrative costs, reduce risk, and improve ROI. For more information, visit www.nesfinancial.com.
About WElkins, LLC
WElkins, LLC, an affiliate of True North Equities, was founded in 2004 by former NASA scientist Bill Elkins. Created as a platform to expand Elkins’ research and development, WElkins, LLC secured funding from the United States Department of Defense in 2010 to develop a medical cooling system for the battlefield. Today, WElkins, LLC consists of three divisions – Medical, HAZMAT, and Athletic – which provide WElkins with a diverse portfolio of products. For more information, visit www.welkinsmed.com.