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Management

Management – American Industrial Brands

By November 8, 2023No Comments

Robert Easter, CSO (Chief Strategy Officer)

Mr. Easter has established professional connections within the water management and plumbing industry while participating in the development of a pioneering metered control fill valve. From 2005 to 2007, Mr. Easter held membership in the Plumbing Manufacturing Institute, where he also served as chairperson of the Intellectual Property Committee. With over 30 years of experience in real estate investment, management, finance, and valuations, Mr. Easter brings extensive expertise to the table. In 2018, he successfully finalized the acquisition of AIB, previously known as Patriot Porcelain, located in Kokomo, Indiana. Currently, Mr. Easter spearheads all fundraising endeavors and future acquisitions for American Industrial Brands, aiming to revive American manufacturing by bringing it back to domestic shores.

Chuck Dockery, CEO

Mr. Dockery earned his Bachelor of Science in Organizational Management and his MBA from the University of Tennessee. In April 2011, he assumed the position of President and CEO at Briggs. In this capacity, he oversees product sourcing from foreign markets, secures financing options, and provides strategic guidance for future growth and the development of new product lines. Mr. Dockery has been a valued member of the Briggs team for nearly twenty-five years, having held various leadership roles, including engineering, quality assurance, and plant management. He will be responsible for managing the operations of the AIB facility located in Kokomo, Indiana.

Nick Quattro, CFO

Mr. Quattro earned his Bachelor of Science in Accounting from YSU and an MBA from Youngstown State University. With over 35 years of experience in finance, accounting, and distribution, Mr. Quattro has played a crucial role at Briggs Plumbing for nearly 20 years. Throughout his tenure, he has successfully managed various departments including accounting and marketing and spearheaded a notable system conversion. Nick brings extensive expertise to the industry, having previously worked at Universal Rundle where he handled cost accounting for the Hondo, Texas plant and later transitioned to sales and marketing. At AIB, Mr. Quattro assumes responsibility for finance, accounting, budgeting, IT functions, pricing and customer program management, as well as overseeing marketing projects.

American Industrial Brands Fund I Manager, LLC (the “Manager”) is affiliated with both the JCE and the NCE, which means that the EB-5 Loan and Security Agreement and other agreements pertaining to the investment structure, as well as the financial terms of the interests, have not been negotiated at arm’s length. It is customary in similar offerings for the compensation received by the Manager to not be negotiated through arm’s length transactions. The attorneys providing services for the NCE are retained on behalf of the Manager, and independent counsel has not been engaged to represent the interests of the EB-5 investors.

To mitigate potential conflicts of interest for the Manager, the EB-5 investors, as Class B Members of the NCE, will have the right (under specific circumstances) to appoint an independent Special Manager who will ensure compliance with the terms of the Operating Agreement. This arrangement prevents the Manager from having a duty to act on behalf of both the NCE and the JCE when their interests diverge in certain situations.

Securities Attorney

Lexcuity PC

Charles Kaufman

Immigration Attorney

Harris Law

Michael Harris

Business Plan

Xecute Business Plan Solutions

Bernard Rojano

Under the Reform and Integrity Act of 2022 (“RIA 2022”), the NCE must establish, maintain, and use a separate insured U.S. bank account exclusively designated for receiving the capital contribution investment from EB-5 investors and transferring the funds to the JCE.

If an escrow account is to be used until a specific condition is achieved, the escrow account must be held in an insured U.S. bank and be exclusively dedicated to receiving capital investments from EB-5 investors.

If the JCE is affiliated with either the Regional Center or the NCE, the JCE must also have a separate insured bank account exclusively designated for receiving capital investments from the NCE and spending such funds, along with other available capital for qualifying Project expenses.

The NCE Manager must retain a fund administrator who must be independent of the Regional Center, NCE, and JCE. In the event the NCE and possibly the JCE perform an annual audit under GAAP standards, the requirement for Fund Administration is removed.

Compliance with RIA 2022

In order to comply with RIA 2022, the NCE is required to engage a fund administrator that is independent from itself and its affiliates. The NCE has entered into agreements with NESF Fund Services Corporation (the “Fund Administrator”) and JTC Trustees (USA) Limited (the “Escrow Agent”).

Furthermore, the NCE has entered into a service agreement with the Manager and the Fund Administrator. This agreement will remain in effect until all investment accounts are settled for the EB-5 investors or in the event of other agreement terminations as defined within the agreement. The service agreement outlines various services to be provided by the NCE, including but not limited to:

  • The Fund Administrator will draft escrow agreements and collaborate with insured U.S. banks designated to hold the EB-5 deposits (the Escrow Account).

  • The Fund Administrator will provide sub-accounts and sub-accounting for each EB-5 investor, calculate interest, establish a portal for each EB-5 investor in connection with their funds, and offer other escrow-related services as outlined in the agreement.

  • The Fund Administrator will provide tracking, fund administration, and reporting services necessary for each EB-5 investor to monitor and fulfill their respective capital allocation and investment account settlement requirements for filing both the I-526E petition and I-829 petition with the USCIS.

  • Additionally, the Fund Administrator will implement independent third-party controls on the subscription Escrow Account and the NCE’s account.

eb5Marketplace conducted ‘bad actor’ checks using CrowdCheck on December 1, 2022. The Bad Actor report provides a summary of the search results from court, regulatory, and agency records, specifically focusing on events that would disqualify individuals or entities from offering securities under the claimed exemption from registration, or necessitate disclosure.

Additionally, eb5Marketplace performed background checks using Global Verification Network on November 7, 2022. The Global Verification Network report summarizes the outcomes of searches conducted on country criminal records, federal criminal records, federal civil records, lien or judgment filings, bankruptcy filings, and UCC filings.

The ‘Bad Actor’ checks were carried out on the following individuals and entities, and no disqualifying events were found:

  • Robert Easter

  • Nick Quattro

  • Chuck Dockery

  • Stephen Hennessy Smith

  • American Industrial Brands, LLC

  • American Industrial Brands Fund 1, LLC

  • American Industrial Brands Fund 1 Manager, LLC

  • Smith Central Regional Center, LLC

Global Verification Network searches were performed on the following individuals and entities and no disqualifying events were identified:

  • Robert Easter

  • Nick Quattro

  • Chuck Dockery

  • Stephen Hennessy Smith

  • American Industrial Brands, LLC

  • American Industrial Brands Fund 1, LLC

  • American Industrial Brands Fund 1 Manager, LLC

  • Smith Central Regional Center, LLC

Every background search system has its limitations. Therefore, it is possible that not all significant criminal matters, litigation, liens, judgments, and regulatory events will be disclosed.