From the Wires
IBI EB-5 Fund LLC Partners With Island Breeze International on EB-5 Funding Structure
By: Marketwired .
Jan. 30, 2013 06:19 PM
BELLMAWR, NJ -- (Marketwire) -- 01/30/13 -- IBI EB-5 Fund, LLC is seeking up to $25 million of funds from a maximum of 50 qualified EB-5 applicants via a private placement, for the purpose of providing a secured loan to Island Breeze International ("Island Breeze"), a gaming cruise development company and a wholly owned subsidiary of Island Breeze International, Inc. (OTCQB: IBII)
Island Breeze will utilize the proceeds of the loan to refinance existing debt; and finance additional renovations and pre-operating expenses for the launch of a 415 foot long, 1,000 passenger entertainment/gaming cruise vessel owned by Island Breeze. It is expected that this best efforts loan financing will be secured by a senior subordinated lien on the Island Breeze vessel.
IBI EB-5 Fund, LLC is an affiliate of Florida EB-5 Investments, LLC, a United States Citizenship and Immigration Services ("USCIS") approved regional center. Florida EB-5 Investments, LLC was developed under the EB-5 Visa Immigrant Investor Pilot Program for the purpose of promoting investments into job creating ventures throughout Florida.
The EB-5 program is a federal investment program run by the United States Citizenship and Immigration Services. The goal of the program is to stimulate the U.S. economy through American job creation and capital investment by foreign investors. Qualified foreign investors are incentivized to invest in approved EB-5 projects by the opportunity to obtain a Visa that has been set aside for the EB-5 Visa Program. Companies are able to use foreign investment for projects that meet the program's eligibility criteria, such as business expansion, development, or adding capacity. For more information on the EB-5 Visa Program please visit the official United States Citizenship and Immigration website at www.uscis.gov/eb-5-investor.
ABOUT ISLAND BREEZE INTERNATIONAL, INC. Island Breeze International, Inc. (OTCQB: IBII) is focused on developing and operating entertainment cruise projects, video game room entertainment facilities, and Internet sweepstakes cafés. Island Breeze International is currently evaluating available ports in the United States for its cruise operations and locations in Florida for its video game room and Internet sweepstakes café operations. We have also focused on international locations and we are evaluating port locations primarily in East Asia for the establishment of cruise operations, with a particular focus on home port locations in the Hong Kong Special Administrative Region of China. Island Breeze International's corporate website is www.IslandBreezeInternational.com.
FORWARD-LOOKING STATEMENTS The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, marketing, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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