Peak Resorts announces release of EB-5 project funds
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Peak Resorts, Inc. (NASDAQ:SKIS), a leading owner and operator of high-quality, individually branded ski resorts in the United States, today announced that the United States Citizenship and Immigration Services (USCIS) approved the first I-526 Petition submitted by an investor in Mount Snow’s EB-5 offering, allowing the funds raised in the offering to be released from escrow immediately. Mount Snow, the largest resort owned by Peak Resorts, is using the money to fund two development projects at the resort. While awaiting this USCIS approval, the company has invested more than $15 million in project construction since February 2015. Peak Resorts will now be reimbursed for that spending as the committed funds are released from escrow.
USCIS approval of an I-526 Petition is the first step in the process under which an immigrant who invests in an EB-5 program can become a permanent resident of the United States and was the final step needed in order for offering funds to be released from escrow.