Shanghai, (March 22 2010) - With over 30 successful projects and over $500 million in investment, Pennsylvania's EB-5 investment program has established a leadership position in the US in developing, administering and managing this federal program.

"The State of Pennsylvania was one of the first states to embrace the EB-5 investment program and has been delivering successful investment projects since 2003. We are proud of our accomplishments and we want people to know that the state fully supports the program," stated James (Mickey) Rowley, Pennsylvania's DCED Deputy Secretary.

Secretary Rowley, together with Tom Rosenfeld, CEO of CanAm Enterprises, Ltd (CanAm), Pennsylvania's exclusive partner in EB-5 development, presented information about the state's newest EB-5 investment project and articulated examples of past successful projects. The event was held at the Pennsylvania Center, the state's authorized representative office in Shanghai.

Mr. Rosenfeld said: "Pennsylvania's EB-5 projects have a proven track record of success and we are proud to announce that the original EB-5 Projects from Pennsylvania (Navy Yard and 1801 Restaurant Partners) have reached maturity. All investors have had their original investments paid in full last December 2009 and January 2010, and obtained their permanent residency in the US." Mr. Rosenfeld also announced Pennsylvania's newest EB-5 Project - the Pennsylvania Water Utility, Aqua PA.

Pennsylvania's EB-5 projects are all reviewed very carefully by the state to ensure that they meet the required criteria for the US Federal program.

For example, UPMC is a widely welcomed EB-5 project from the Pennsylvania Regional Center. UPMC is the most important health system in western Pennsylvania, and one of the leading nonprofit health systems in the United States. The UPMC EB-5 Projects provides financing for UPMC to construct its hospital expansion in the eastern area of Pittsburgh. As a medical facility with AA debt rating, UPMC will fulfill the obligations under the loan contract, and provide promissory note with recourse as deposit. This project attracted 100 investors.

Another successful example is the Pennsylvania Convention Center (PCC) Expansion Project based in Philadelphia. This project funded expansion to increase meeting and exhibit space by nearly 60%, making it the largest contiguous exhibit space in the US Northeast. The budget for PCC Expansion was approximately US$ 700 million, from which US$ 100 million was an EB-5 Regional Center investment loan. Financing from 200 individuals (including 147 Chinese investors) have been successfully processed. The Commonwealth of Pennsylvania highly valued this project, and Governor Edward G. Rendell personally coordinated the final PCC Board approval of the program, and wrote a personal letter to Chinese investors to assure them of his strong support of the EB-5 program and our program partner and agents who are involved.

Reference:

About EB-5

The U.S. immigrant investor program provides for the issuance of "conditional" or temporary (two year) green cards to qualifying immigrant investors and their families who invest a minimum of US $1 million (US$500,000 in designated target areas) in businesses that create at least ten full-time permanent jobs for U.S. workers. Provided that the investment is maintained and achieves the job requirements of the Program, "unconditional" or permanent U.S.A. green cards will be issued after two years.

The U.S. EB-5 immigrant investor visa program is the most flexible in the world, which has no requirements as to age, business training and experience, or language skills. Permanent residents need not be continuously and physically present in the United States, and they can maintain business and professional relations in their country of origin. The program also allows investors a great deal of freedom because it does not require immigrant investors to manage their investment on a daily basis, but rather, to 'actively engage' in a business enterprise, meaning they can be limited partners and pursue other professional or personal ventures.

About EB-5 Project and Regional Centers in Pennsylvania

Philadelphia Industrial Development Corporation (PIDC) Regional Center was approved by the U.S. Citizenship and Immigration Services (USCIS) on February 28 2003, becoming one of the earliest approved Regional Centers, and its projects are the first EB-5 projects entered Chinese market. The Pennsylvania Regional Center was approved on April 13 2007.

To date, with great support from the State Government, the two Regional Centers have attracted nearly US$ 500 million investment to Pennsylvania, and created close to 10,000 jobs.

About PIDC Regional Center

When the U.S. Immigrant Investor (EB-5 visa) Program reopened in 2002, CanAm and the Philadelphia Industrial Development Corp (PIDC) applied to have Philadelphia County designated as a regional center. Qualifying investment opportunities offered by the PIDC Regional Center will be recommended and monitored by PIDC. Investments will be made through separate limited partnerships. Each investor will join a limited partnership. CanAm will be the General Partner of each limited partnership, entering into an advisory agreement with PIDC on behalf of investors.

About Philadelphia Industrial Development Corporation (PIDC):

The Philadelphia Industrial Development Corporation (PIDC) is a private, non-profit corporation, founded in 1958 as a joint venture of the City of Philadelphia and the Greater Philadelphia Chamber of Commerce to promote economic development throughout the city. PIDC's mission is to plan and implement economic development initiatives that retain and generate jobs throughout Philadelphia.

About CanAm International Co., Ltd. (CanAm):

Beginning in 1987, CanAm has been actively involved in structuring and promoting private and government syndicates pursuant to the Canadian Business Immigrant Investor Program (BIIP). Currently it is the exclusive promoter of four different regional centers under the U.S. Immigrant Investor (EB-5) Program. CanAm has a stellar record of accomplishment and reputation for the coordination and funding of international immigrant investor programs. Its current projects include: PIDC Regional Center, Pennsylvania Regional Center, Los Angeles Film Regional Center and Hawaii Regional Center. Now it runs 33 projects, serviced more than 1,200 Chinese investors.

PIDC Regional Center EB-5 Project Record (as of November, 2009):

About the Pennsylvania Regional Center:

The Commonwealth of Pennsylvania's Department of Community and Economic Development (DCED), and CanAm, are pleased to introduce the Pennsylvania Regional Center. Based on a reputation of credibility and trust, the Pennsylvania Regional Center is fully committed to provide comprehensive services to our clients. We see each immigrant investor through the complete immigration process - from the selection of an investment project for the initial application to receiving a permanent green card.

Pennsylvania Regional Center EB-5 Project Record (as of November, 2009):

About Pennsylvania

Pennsylvania is the seventeenth largest economy in the world, with gross products of US$ 533 billion, including exports of $34 billion. Strategically located in the northeastern portion of the country Pennsylvania is home to 50 US Fortune 500 companies. With a population of more than 12 million people it is host to a dynamic range of industries including Life Sciences, Advanced Manufacturing and Materials, High Technology and Business Services. Of the 50 US states, Pennsylvania has the largest international business development network, with more than 20 representatives supporting trade to 30 countries, including the Pennsylvania Center in Shanghai.

About Pennsylvania Center

Sponsored by the Pennsylvania Department of Community and Economic Development, and in collaboration with private-sector members of the Pennsylvania business community, PAC represents the State of Pennsylvania's interest in the China market.

More information, please contact:

Pennsylvania Center, Pennsylvania's Authorized Representative Office in Shanghai
Suite A401, Tomorrow Square, 399 West Nanjing Road, Shanghai, China
Laura Zhang
86-21-2308 1041
laurazhang@pausa.org.cn | www.pausa.org.cn