China Railway International USA CO., LTD. and XpressWest have agreed to form a joint venture that will accelerate launch of the XpressWest rail project connecting Las Vegas, Nevada to Los Angeles, California (the "Southwest Rail Network"). The Project will develop, finance, build and operate the Southwest Rail Network, with stations in Las Vegas, Nevada, Victorville, California, and Palmdale, California, and service throughout Los Angeles. The decision to form a joint venture is the culmination of years of work and builds upon the significant accomplishments of XpressWest.
Supported by $100 million in initial capital, this new high-speed rail line (approximately 370 km(s) in length) will create new technology, manufacturing, and construction jobs throughout the interstate corridor and will connect Southern Nevada and Southern California to drive new economic development and grow tourism – a vital part of the region's economy. The Project will serve as a model of international cooperation and will firmly establish a United States-based high-speed rail industry that will result in significant job creation throughout the Southwest with construction planned to commence as early as September 2016. The Project will immediately undertake all necessary regulatory and commercial activities to advance the reality of regional high-speed rail in the United States. Implementation will begin within the next 100 days.