SCOTTSDALE, Ariz., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Empyrean West announced a joint venture between The Navajo Nation and Empyrean West to create, operate and co-own Dine' Bi Keyah EB-5 Regional Center. Empyrean West is a Global Private Funding, Inc. (Global) incubated company and will enhance the Navajo economic development programs through foreign investment and access to domestic investors through Global's span of international offices.
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"Though The Navajo Nation currently has little to no national debt and has been self-sufficient, we are viewed by the public as a third world country within the US. There has been many investment strategies presented to us, but the strategy that we feel most comfortable with allows us to adhere to our National bylaws and policies to take on debt responsibly and proportionately to the national revenues. Since Empyrean West's EB-5 program is supported by the institutional funding from Global Private Funding, we will finally obtain the financial assistance needed to build the Navajo Nation the way we envision. We are excited to process our projects through Dine' Bi Keyah Regional Center and potentially finance all Navajo projects," said Albert Damon, Jr., Executive Director of the Division of Economic Development at The Navajo Nation.
Raymond Nopah, Chief Financial Officer of The Navajo Nation, said, "Establishing an EB-5 regional center on the Navajo Nation is key in facilitating growth, development and investments on the Nation. Our five-year plan projects private and public developments of over $200 million dollar per year. Through the Empyrean administrated EB-5 program, The Navajo Nation can realize its strategic importance in key industry sectors of energy, transportation, shipping and broadband corridors connecting California and the eastern United States."
Jay Carter, Principal and COO of Empyrean West, Sam Senev, Chairman & CEO of Global, Brian Bishop, President of FirstPoint Energy Corporation and Paul Adams, Chief Operating Officer of US Fuel were in attendance with the Navajo Energy Committee to identify solutions for replacing the four-corners' coal power plant currently scheduled for shut down due to EPA issues. The impact of such a shutdown has very deep and lasting effects on the Navajo economy as over 60% of the Navajo national revenue is generated from their coal power plants. There are nearly a thousand (1000) jobs; with another increase in Navajo unemployment.
David Keller, President and CEO of Empyrean West joins Dr. Senev today on an extensive Asia trip through India, China and Hong Kong to expand the EB-5 investor program. India and China lead the EB-5 investor market. Keller explained "our operational model is a direct to investor model. Global provides the due diligence and tracing of investor funds through its span of international offices while Empyrean West administers the finances and assures the job creation through our integrated proprietary finance administration systems. Most often, it's not a matter of USCIS approving an investor, but rather the project not delivering the job creation as promised that cause the foreign investor to be denied permanent residency; green-card." Carter identified a hotel in Shiprock and a resort in Lake Powell as immediate investment opportunities.
As it is said "give a man a fish, and you have fed him once, teach him how to fish and you have fed him for a lifetime"; "our economy will recover faster and our great nation will become stronger if we focus on creating jobs. We must trust in the capabilities of our citizens as that trust builds dignity and pride," said Senev.
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