Adaptive Propulsion Systems and Axial Vector Energy Schedule Technology Transfer
posted on Mar 30, 2009 10:53AM
Edit this title from the Fast Facts Section
Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC) (FWB:BAE1) announces that it has scheduled April 4th, 2009 as the date to formally transfer technology from Adaptive Propulsion Systems to AVEC. The completed product development contract components including engines, generator systems level 2 engineering packages allow AVEC to now complete license agreements and Joint Ventures which have been pending the development completion for the last two years.
Mr. Ahmed Khalifa, Chairman of AVEC commented, "It is a significant milestone for our Company to have outsourced completed assembly of these units and have them successfully tested. We are ready to move ahead with sales and licensing opportunities around the world knowing our revolutionary engines and generators can be produced in quantity and in a very profitable manner. The demonstrations last week and technical operating parameters were satisfactory to AVEC management and we look forward to the signing ceremony April 4th to signify the next chapter in helping our energy starved world."
Mr. Khalifa further stated, ”We plan to soon announce our new firm of project managers to guide the transfer of the technology from AVEC to license partners around the world. Combining this wonderful news with our recently signed Joint Venture PETRO AVEC (www.PetroAvec.com), the company is now implementing its business plan quickly to clean the oil and the air we all breath, run it through our engines using much less of it, and then powering our generators to get 40 percent more power for the same input."
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops and licenses revolutionary technologies including, internal combustion engine and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international engine and energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world.
About Petrosonics, LLC
Petrosonics, LLC is a privately held, development stage, U.S. based oil refining and production technology company. Petrosonics' patented products and services utilize high power ultrasound energy in order to reduce sulfur, nitrogen, and trace metals in refinery intermediates and product streams. Intermediates and product streams receiving the Petrosonics treatment show reductions in oil density and viscosity, reduced hydrogen use/loss, and increases in API specific gravity and volume. The proprietary Petrosonics technology has additional application in treating and/or pretreating sour crude oils. Petrosonics was formed in 2001 by Mark Cullen, M.D. Dr. Cullen was previously the President and CEO of SulphCo (AMEX SUF). Today, Petrosonics has acquired and continues to expand its patent portfolio for all of the significant intellectual property associated with ultrasound assisted oxidative desulphurization of oil fractions and the upgrade and desulphurization of crude oil.
This press release may be deemed to contain forward-looking information. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth, may be significantly and materially impacted by certain risks and uncertainties, including, but not limited to, failure to meet operating objectives or to execute the operating plan, completion, and other economic factors. Additional risks and uncertainties are described in the Company's public filings with the Securities and Exchange Commission.
To be added to the Company's email distribution for future news releases, please send your request to [email protected]
Axial Vector Energy Corporation