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You have it right Dew. Futures up nicely and oil up to over $66 so conditions are certainly favorable. If this comes back from the forgotten list with a bang there will be much celebrating out here on the deepsea.
Hope the rapidly rising price of oil doesn't blow this deal. ARET sure is looking great. Can't remember when or why I bought it but this could be one for the home team at last!
Press Release Source: Axial Vector Energy Corporation
Axial Vector Energy Corporation JV Partner, Petrosonics LLC, Awarded Two Patents in Hong Kong and One Awarded Patent in Kazakhstan, the World's 18th Largest Crude Oil Producer
* On Thursday May 21, 2009, 8:14 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News) (Frankfurt:BAE1 - News) announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded two Hong Kong Patents, resultant from the award of European Union patents 1 635 924 B1 and 1 668 095/04 781 388.6. The two Hong Kong patents protect the process by which sulfur and nitrogen bearing compounds are removed from diesel oil through the use of sonic energy and an oxidizing agent and also protect a related process for the removal of the resultant oxidized sulfur and nitrogen contaminants.
Hong Kong is home to several oil and gas companies, including CNPC Hong Kong, China Resources Petroleum Company, Ltd., SS United Oil & Gas Company, the Hong Kong and China Gas Company and the Hong Kong Petrochemical Company. Earlier, the Hong Kong Petrochemical Company announced plans to invest HK$40-60 billion in the construction of an oil refinery, oil tanks, power installations and filling stations in Hong Kong.
AVEC also announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded Kazakh Patent No. 19582, protecting the process of removing sulfur from all types of crude oil fractions through sonic energy, oxidation and the removal of all of the oxidized sulfur through hydrotreatment. The patent will remain in force for 20 years.
According to the U.S Energy Information Administration, former Soviet Republic Kazakhstan's proven oil reserves of up to 40 billion barrels are comparable to those of OPEC members Algeria or Libya. British Gas (BG), Chevron, ConocoPhilips, ENI, Exxon Mobil, Exxon Mobil CPC, Inpex, LukArco, Lukoil, Rosneft-Shell, Shell, Total and Transneft (Russia) have major projects there. At 1.7 million barrels per day, Kazakh oil exports are growing rapidly, with current infrastructure delivering it to world markets via the Black Sea (via Russia), the Persian Gulf (via swaps with Iran), to the north pipeline and rail (through Russia), and now to the East to China. The refining sector in Kazakhstan has three major oil refineries with total crude oil refining capacity of 345,093 bbl/d.
Dr. Mazin Samman, lead PETRO AVEC licensing negotiator for Russia and the former Soviet states noted, "The major oil companies are investing heavily in Kazakhstan, which bodes well for infrastructure spending and licensing through PETRO AVEC. The refining sector, which is State-owned, is under-developed but will benefit from crude oil revenue driven investment. We see a substantial opportunity to not only market into both the upstream (wellhead) and downstream (refinery) markets, but to market to the large, global oil companies as well. Refineries are acknowledging that PETRO AVEC Technology could be worth billions of dollars of cost savings and profits when fully deployed."
AVEC Chairman Mr. Ahmed Khalifa stated, "Achieving this broad intellectual property protection in Kazakhstan and Hong Kong represents the milestone in our efforts to achieve broad patent protection in all major oil producing and oil refining nations. We are very pleased with these awards and the markets that they open. While we still have an additional 1500 patenting claims pending the company will now start to accept invitations it has received for licensing negotiations beginning next week. These invitations are the result of technical presentations done by PETRO AVEC to both government owned oil companies and large private refineries."
About PETRO-AVEC LLC
PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to develop; finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in 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.
Forward-Looking Statements
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 inquiry@axialvectorenergy.com
www.axialvectorenergy.com
www.PetroAvec.com
Contact:
Axial Vector Energy Corporation
Phone: 971 4 887 5351
inquiry@axialvectorenergy.com
or
Redwood Consultants, LLC
Jens Dalsgaard, Investor Contact
(415) 884-0348
Press Release Source: Axial Vector Energy Corporation
AVEC Announces Technology Transfer Agent, EngineTec, Inc. and Schedules Open House Technology Presentation
* On Tuesday May 19, 2009, 9:57 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News) (Frankfurt:BAE1 - News) is pleased today to announce the nomination and finalization of its technology transfer contractor in the United States, EngineTec, Inc. EngineTec has served as systems integrator for the engines and generators on behalf of Adaptive Propulsion Systems and now AVEC has contracted them directly to transfer the technology to the licenses.
The company also announced that on Tuesday, July 14th 2009, an open house will be held at EngineTec demonstrating the engines and generators. Invitations are extended to all shareholders and are being sent to Manufacturers of cars, trucks, gensets, elevators, electric motors, environmental groups, state and local officials in Virginia, members of Congress and the Obama administration.
Engines will be run on "Palm Oil" only showing the world's first engine to create this power level on a non fossil fuel.
Electric Motors capable of 98% efficiency will be operated to show the enormous energy savings the United States could have by deploying these motors in mass quantities. AVEC wishes to share this technology in order to improve the energy supply market and bring clean fossil free power to the world.
Other important events the Company wishes to announce include:
The Gas Cam Engine 245hp 1140 ft lb of torque gasoline engine will now be shipped to EngineTec for production modeling in order to complete its contract on the first 200 engines which have been ordered for marine use.
Modification of the Malaysian GENSET contract whereby the purchaser will ship Barrels of "Palm Oil" now to EngineTec and pay for the testing and calibration of the engine for maximum "Palm Oil" power output. All Data from this agreement will remain the sole property of AVEC.
Negotiations are in final stage for a Far Eastern engine and generator production and assembly facility to take advantage of the vast opportunities that are present in that region using "Palm Oil".
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in 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.
Forward-Looking Statements
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.
Contact:
Axial Vector Energy Corporation
Phone: 971 4 887 5351
inquiry@axialvectorenergy.com
or
Redwood Consultants, LLC
Jens Dalsgaard (415) 884-0348
Investor Contact
www.axialvectorenergy.com
Form 10-K for INSTACARE CORP.
18-May-2009
Annual Report
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Overview of Current Operations
We are a publicly-traded distributor of life-saving and life-enhancing prescription drugs and diagnostics to several channels in the healthcare industry, a developer of patent-pending technologies for e-health and EMR applications that we employ to leverage and add value to our prescription drug and diagnostics business, and a Wi-Fi PDA technology provider to the lodging industry. We have recently added modules to our medical and EMR applications that allow for the management of medical products distribution and reporting management. We are in the initial stages of marketing these new modules under the trade name Decision IT.
Our proprietary ResidenceWare, MD@Hand and Practice Probe technologies manage critical data, enhance productivity and e-commerce, and facilitate communication with applications in the healthcare, medical distribution and hotel/motel markets and industries. We have recently focused our business attention towards providing prescription drugs and medical diagnostics through several medical distribution channels.
All of our business is transacted in the United States. We do not sell or ship for export.
During the next 12 months we plan to continue to focus our efforts on the following primary businesses:
�
Providing medical communication devices based on networks of personal digital assistants (PDA). These products are believed to provide benefits of on demand medical information to private practice physicians, licensed medical service providers such as diagnostic testing laboratories, and medical insurers;
�
The distribution of medical diagnostic products primarily aimed at institutions that service patients with diabetic and asthma related diseases and ailments. Our current market focus for these products is the assisted living and long term care sector of the larger healthcare market, however we plan to expand into additional sectors where we can service certain chronic ambulatory disease states;
�
Providing medical communication devices based on networks of personal digital assistants (PDA) and desktop computers with software that manages decision, control, audit and fulfillment for the medical products distribution markets. These products are believed to provide benefits of on demand medical information to medical products manufacturers as part of their financial management of distribution contracts;
�
The distribution and fulfillment of prescriptions for ethical pharmaceuticals primarily aimed at the indigent and uninsured sectors of the greater medical service markets. Our first market focus for these products will be those state Medicaid and Federally chartered clinics (and initiatives) where funding for pharmaceutical fulfillment enterprises exists;
�
Building electronic commerce networks based on personal digital assistants (PDA) to the hotels, motels and single building, multi-unit apartment buildings with a desire to offer local advertising and electronic services to their tenants/guests.
Seasonality
The distribution of medical products and medical diagnostics in aggregate account for the overwhelming percentage of our revenues. Our experiences point to a business that displays certain seasonal trends. In each of the last three operating years and the first three quarters of the current year our order intake was concentrated in the first five months of the calendar year and to an identifiable but lesser degree in the last two months of the calendar year. One explanation is that these months correspond with the beginning of a prescription drug plan years where new prescription drug cards are distributed by insurers to their insured in January along with new plan formularies (price schedules).
This in turn trends to influence "stocking up" buying/ordering behavior on the part of the insured.
Results of Operations for the years ended December 31, 2008 and 2007 compared.
The following tables summarize selected items from the statement of operations for the years ended December 31, 2008 compared to 2007.
INCOME:
For the Year Ended
December 31, Increase (Decrease)
2008 2007 $ %
Revenue $ 14,953,356 $ 6,254,278 $ 8,699,078 139%
Cost of Sales 13,474,843 5,845,782 7,629,061 131%
Gross Profit 1,478,513 408,496 1,070,017 262%
Gross Profit Percentage of Sales 10% 6% 4%
Revenue
Our revenue for the fiscal year ended December 31, 2008 was $14,953,356 compared to revenue of $6,254,278 in the fiscal year ended December 31, 2007. This resulted in an increase in revenue of $8,699,078, or 139%, from the same period a year ago. The increase in revenue over the fiscal year ended December 31, 2007 was a result of our market focus towards the direct sale of diabetic test strips into several prescription drug channels and our efforts to increase our gross profit margin.
Cost of sales / Gross profit percentage of sales
Our cost of sales for the fiscal year ended December 31, 2008 was $13,474,843, an increase of $7,629,061, or 131% from $5,845,782 for the fiscal year ended December 31, 2007. The increase in the cost of sales in the current period was a direct result of our increased sales during the year and an increase in direct to patient market sales.
Gross profit as a percentage of sales increased from 6% for the fiscal year ended December 31, 2007 to 10% for the fiscal year ended December 31, 2008. The increase in gross profit margin was caused by a change in our product mix whereby we increased our sales levels direct to patient markets verses resale markets, which historically have a lower profit margin.
EXPENSES:
For the Year Ended
December 31,
2007 2006 Increase / (Decrease)
Amount Amount $ %
Expenses:
General & administrative expenses $ 258,937 $ 270,317 $ (11,380) (4%)
Consulting services 159,956 728,438 (568,482) (78%)
Payroll expense 279,155 342,777 (63,622) (19%)
Professional fees 85,871 148,079 (62,208) (42%)
Depreciation 36,250 46,726 (10,476) (22%)
Total expenses 820,169 1,536,337 (716,168) (47%)
Net operating income (loss) 658,344 (1,127,841) 1,786,185 -
Other income (expense):
Financing costs (243,813) (45,429) 200,384 441%
Interest (expense) (224,758) (236,509) (11,751) (5%)
Net income (loss) $ 187,773 $ (1,409,779) $ 1,597,552 -
General and Administrative Expenses
General and administrative expenses for the fiscal year ended December 31, 2008 were $258,937, a decrease of $11,380, or 4%, from $270,317 for the fiscal year ended December 31, 2007. The decrease in general and administrative expenses was due to our concerted efforts to reduce overhead while continuing to increase sales revenue.
Consulting Services
Consulting services for the fiscal year ended December 31, 2008 were $159,956, a decrease of $568,482, or 78%, from $728,438 for the fiscal year ended December 31, 2007. The decrease in consulting services was due to our decreased utilization of outside consultants.
Payroll expense
Payroll expenses for the fiscal year ended December 31, 2008 were $279,155, a decrease of $63,622, or 19%, from $342,777 for the fiscal year ended December 31, 2007. The decrease was due to the elimination full time employees who were replaced be regional part-time and at-will specialists.
Professional Fees
Professional fees for the fiscal year ended December 31, 2008 were $85,871, a decrease of $62,208, or 42%, from $148,079 for the fiscal year ended December 31, 2006. The decrease in professional fees was due to the elimination of previous legal fees required in connection with litigation surrounding the Ronald Kelly, et al and Investor Relations Services, Inc. matters.
Depreciation
Depreciation for the fiscal year ended December 31, 2008 was $36,250, a decrease of $10,476 from $46,726 for the fiscal year ended December 31, 2007. The decrease in depreciation is the expected result of assets reaching their expected useful lives.
Total Expenses
Total expenses for the fiscal year ended December 31, 2008 were $820,169, a decrease of $716,168, or 47%, from $1,536,337 for the fiscal year ended December 31, 2007. The decrease in total expenses was primarily due to a reduction in general and administrative expenses and professional fees.
Net Operating Income (Loss)
Net operating income for the fiscal year ended December 31, 2008 was $658,344, versus a net operating loss of $1,127,841 for the fiscal year ended December 31, 2007, a change of $1,786,185. The generation of net operating income for the year ended December 31, 2008 was primarily attributable to the decrease in overall expenses and increased sales activity during the year ended December 31, 2008.
Financing Costs
Financing costs for the fiscal year ended December 31, 2008 were $245,813, an increase of $200,384, or 441%, from $45,429 for the fiscal year ended December 31, 2007. During the year ended December 31, 2008, we paid significantly more financing costs associated with our credit facilities.
Interest Expense
Interest expense for the fiscal year ended December 31, 2008 was $224,758, a decrease of $11,751, or 5%, from $236,509 for the fiscal year ended December 31, 2007. The decrease in interest expense was the result of changes in interest rates during the year.
Net Income (Loss)
Net income for the fiscal year ended December 31, 2008 was $187,773 from a net loss of $1,409,779 for the fiscal year ended December 31, 2007. The transition from a net loss to net income was the result of our overall decrease in professional fees and general and administrative expenses during the year, coupled with a significant increase in overall sales and gross profit margin.
Liquidity and Capital Resources
A critical component of our operating plan impacting our continued existence is the ability to obtain additional capital through additional equity and/or debt financing. We do not anticipate generating sufficient positive internal operating cash flow until such time as we can deliver our product to market, complete additional financial service company acquisitions and generate substantial revenues, which may take the next few years to fully realize. In the event we cannot obtain the necessary capital to pursue our strategic plan, we may have to cease or significantly curtail our operations. This would materially impact our ability to continue operations.
The following table summarizes our current assets, liabilities and working capital at December 31, 2008 compared to December 31, 2007.
December 31, December 31, Increase / (Decrease)
2008 2007 $ %
Current Assets $ 2,856,791 $ 773,660 $ 2,083,131 269%
Current Liabilities $ 4,190,141 $ 2,758,243 $ 1,431,898 52%
Working Capital (deficit) $ (1,333,350 ) $ (1,984,583 ) $ (651,233 ) (33%)
Internal and External Sources of Liquidity
MAG Entities Agreement
On February 7, 2005, we entered into agreements with Mercator Momentum Fund, LP and Monarch Pointe Fund, Ltd. (collectively, the "Purchasers") and Mercator Advisory Group, LLC ("MAG"). Under the terms of the agreement, we agreed to issue and sell to the Purchasers, and the Purchasers agreed to purchase from the Company, 20,000 shares of Series "C" Convertible Preferred Stock at $100.00 per share. Additionally, we issued 1,250,000 warrants to purchase share of our common stock at $1.60 per share, all of the warrants expired on February 7, 2008. To date, MAG has converted 2,140 shares of their Series "C" preferred into 1,372,901 shares of our restricted common stock. On October 8, 2008 the company received a letter from Kroll (BVI) Limited of the British Virgin Islands informing the company that the Monarch Pointe Fund, Ltd had lapsed into receivership. The company was advised to cease all communications with Monarch Pointe Fund, Ltd. and Mercator Advisory Group, LLC.
Pinnacle Investment Partners, LP Promissory Note
On March 24, 2004, we entered into a Secured Convertible Promissory Note with Pinnacle Investment Partners, LP for the principal amount of $700,000 with an interest rate of 12% per annum. On February 10, 2005 we entered into a note extension agreement whereby Pinnacle agreed to advance an additional $400,000 and extend the maturity until April 24, 2006. On July 1, 2006, we entered into a second extension of the note which matured on December 24, 2006. We are accruing interest at a default rate of 12% per annum. The note is convertible at a rate of $0.30 per share and has been secured by 2,212,500 shares of our common stock which can be sold by the lender as a means to repay the balance due. As of December 31, 2008, Pinnacle has sold 924,948 escrow shares valued at $406,215 which has been applied to accrued interest and the principal balance of the note.
Since August 3, 2006, the Company has not had contact with any of the Pinnacle fund management or attorney in fact. We have not delivered the shares called for under the July 1, 2006 extension after being advised by the fund management to "stand still." On September 23, 2008 the company received a phone call from an attorney formerly associated with Pinnacle Investment Partners, LP and was advised that the fund had ceased operations, and was closed. We were also informed that of the two fund principals, one was deceased and the other incarcerated until at least August 2011.
Promissory Notes with Dennis Cantor and Novex International
On May 23, 2006, we entered into a promissory note with Dennis Cantor and Novex International for the principal amount of $255,000. Pursuant to the note we promised to pay Dennis Cantor and Novex International the sum of $255,000 together with interest at a rate of one half of one percent (0.5%) every ten days beginning on May 23, 2006 and running through the maturity date of June 30, 2006. In the case of a default in payment of principal, all overdue amounts under the note shall bear a penalty obligation at a rate of twelve percent (12%) per annum accruing from the maturity date. On July 1, 2006, we extended the note to July 31, 2006. We have made principal payments of $125,000. As of December 31, 2008, the remaining principal balance was $130,000.
Convertible Loan Payment Agreement
On July 17, 2006, we entered into a convertible loan payment agreement with Wayne G. Knapp wherein Mr. Knapp agreed to loan the Company the sum of $200,000.
The loan is for 120 days. On October 17, 2006, we renewed the note. On January 17, 2007, the parties verbally agreed to a renewal that expires on May 16, 2007. The note accrues monthly interest at a rate of 1.50% and the interest is payable quarterly in cash. The total amount owing pursuant to the agreement, was convertible at the option of Mr. Knapp at any time from July 17, 2006 until November 30, 2006, at the strike price equal to $0.32 per share or 90% of the final bid price of our common stock on the day prior to conversion with a floor price of $0.10 per share. We renewed Mr. Knapp's conversion option on January 17, 2007. We also issued Mr. Knapp a warrant to purchase 50,000 shares of our common stock at $0.32 per share through December 31, 2008. Mr. Knapp exercised his option on March 30, 2007.
Centurion Credit Resources
On November 17, 2007, we entered into an agreement with Centurion Credit Resources, LLC to secure a $1,000,000 revolving credit facility that is geared specifically to our business. As of October 2008 the company renewed its agreement with Centurion Credit Resources, LLC until November 17, 2009 and as an inducement to renew the credit line was increased to $2,000,000. This facility, offered to us at market credit rates. Terms of the credit facility allow us to increase the available credit in increments of $250,000 as our business grows. We drew down on this credit line for the first time on November 30, 2007. As of December 31, 2008 we have draw down $13,527,068 and repaid $12,460,514. We believe that this facility will adequately finance our at home diabetes diagnostics business through revenues rates of $10.0 million per quarter. We are also entertaining additional proposed credit facilities with various hedge funds, commercial banks and a religious fund.
Cragmont Capital, LLC
On March 1, 2008, we entered into a Convertible Promissory Note Purchase Agreement with Cragmont Capital, LLC ("Cragmont") wherein Cragmont agreed to loan the Company an aggregate sum of $250,000. As of September 30, 2008, we have received $75,000. The loan is for one year, maturing on February 28, 2009.
The total amount owing pursuant to the agreement, is convertible at the option of the lender, at a strike price equal to $0.015 per share. Further we have agreed to issues 100 warrants with a strike price of $0.03 expiring on December 31, 2010 for every dollar loaned by Cragmont. During the year ended December 31, 2008, we terminated our relationship with Cragmont. We are currently in litigation with Cragmont.
Cash Flow. Since inception, we have primarily financed our cash flow requirements through the issuance of common stock, the issuance of notes and sales generated income. With the growth of our current business in 2008 and anticipated growth for 2009 we may, during our normal course of business, experience net negative cash flows from operations, pending receipt of revenue which often are delayed as a result of the nature of the healthcare industry. Further, we may be required to obtain financing to fund operations through additional common stock offerings and bank or other debt borrowings, to the extent available, or to obtain additional financing to the extent necessary to augment our available working capital.
Satisfaction of our cash obligations for the next 12 months.
As of December 31, 2008, our cash balance was $111,208. Our plan for satisfying our cash requirements for the next twelve months is through additional equity, third party financing, and/or debt financing. We anticipate sales-generated income during that same period of time, but do not anticipate generating sufficient amounts of positive cash flow to meet our working capital requirements. Consequently, we intend to make appropriate plans to insure sources of additional capital in the future to fund growth and expansion through additional equity or debt financing or credit facilities.
As we expand operational activities, we may continue, from time to time, to experience net negative cash flows from operations, pending receipt of sales or development fees, and will be required to obtain additional financing to fund operations through common stock offerings and debt borrowings to the extent necessary to provide working capital. . It was not until the company entered into the agreement with Centurion Credit Resources, LLC that the company could fill orders for patients and customers on a continuous basis. Until the Centurion credit line was put in place we managed to keep a small portion of our distribution activities going when our limited resources allowed us.
Given our operating history, predictions of future operating results difficult to ascertain. The recent addition of a credit line has helped but we have found it increasingly difficult to transact commerce in the very cash intensive prescription drug industry. Thus, our prospects must be considered in light of the risks, expenses and difficulties frequently encountered by companies in their early stages of commercial viability, particularly companies in new and rapidly evolving technology markets. Such risks include, but are not limited to, an evolving and unpredictable business model and the management of growth. To address these risks we must, among other things, implement and successfully execute our business and marketing strategy, continue to develop and upgrade technology and products, respond to competitive developments, and continue to attract, retain and motivate qualified personnel. There can be no assurance that we will be successful in addressing such risks, and the failure to do so can have a material adverse effect on our business prospects, financial condition and results of operations.
Expected purchase or sale of plant and significant equipment.
We do not anticipate the purchase or sale of any plant or significant equipment; as such items are not required by us at this time.
Going Concern
The financial statements included in this report have been prepared in conformity with generally accepted accounting principles that contemplate the continuance of the Company as a going concern. The Company's cash position is currently inadequate to pay all of the costs associated with testing, production and marketing of products. Management intends to use borrowings and security sales to mitigate the effects of its cash position, however no assurance can be given that debt or equity financing, if and when required will be available. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and classification of liabilities that might be necessary should the Company be unable to continue existence.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results or operations, liquidity, capital expenditures or capital resources that is material to investors.
Critical Accounting Policies and Estimates
Stock-based Compensation: In December 2004, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standard No. 123 (revised 2004) "Share-Based Payment" ("SFAS 123R), which is a revision of FASB Statement No. 123, Accounting for Stock-Based Compensation. Statement 123(R) supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees, and amends FASB Statement No. 95, Statement of Cash Flows. Generally, the approach in Statement 123R is similar to the approach described in Statement 123. However, Statement 123R requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative.
Recent Accounting Developments
In May 2008, the FASB issued SFAS No. 162 ("FAS 162"), "The Hierarchy of Generally Accepted Accounting Principles". FAS 162 sets forth the level of authority to a given accounting pronouncement or document by category. Where there might be conflicting guidance between two categories, the more authoritative category will prevail. FAS 162 will become effective 60 days after the SEC approves the PCAOB's amendments to AU Section 411 of the AICPA Professional Standards. FAS 162 has no effect on our financial position, statements of operations, or cash flows at this time.
As of January 1, 2008 we adopted SFAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities" ("SFAS No. 159"). SFAS No. 159 allows the company to choose to measure many financial assets and financial liabilities at fair value. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The adoption of SFAS 159 has not had a material impact on our financial position, results of operation or cash flows.
As of January 1, 2008 we adopted SFAS No. 157, "Fair Value Measurements" ("SFAS No. 157"). SFAS No. 157 defines fair value and provides guidance for measuring and disclosing fair value. The adoption of SFAS 157 has not had a material impact on our financial position, results of operation or cash flows.
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Press Release Source: Axial Vector Energy Corporation
Axial Vector Energy Corporation JV Partner, Petrosonics LLC, Awarded Patent in Russia, the Second Largest Crude Oil Producer and Third Largest Refiner in the World
* On Monday May 18, 2009, 5:44 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets: AXVC - News) (Frankfurt: BAE1 - News) announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded a Russian patent (Russian Patent Application 2006108527), protecting the process by which sulfur and nitrogen bearing compounds are removed from diesel oil, FCC cycle oil, FCC slurry oil, light gas oil, heavy gas oil and coker gas oil fractions through the use of sonic energy and oxidation. The patent will remain in effect for 20 years with the possibility of an additional five year extension.
According to the U.S. Energy Information Administration (EIA), Russia has 41 oil refineries with a total crude oil processing capacity of 5.4 million bbl/d. Russian refineries produce around 1.2 million bbl/d of Mazut (heavy fuel oil), 1.3 million bbl/d of middle distillates, and 815,000 bbl/d of gasoline but are in need of modernization to meet Europe's growing demand for low sulfur fuels. Roughly 20.5 percent of Russia's total diesel output is exported.
Dr. Mazin Samman, lead PETRO AVEC licensing negotiator for Russia stated, "Russian oil companies are prime licensing candidates for Petrosonics' technology. What low sulfur diesel Russia does export moves to export destinations entirely by rail to avoid being blended with Russia's more generic high-sulfur product, which is exported largely through the refined product pipeline system to Western Europe. Separating low sulfur product from generic high sulfur product and then shipping it by rail is inefficient and expensive. Not having a sufficient supply of low sulfur product also represents a very large opportunity cost. PETRO AVEC offers arguably the lowest total cost of ownership modernization technology which, when deployed, would likely eliminate both the need for product segregation and the paucity of supply of low sulfur product for export."
AVEC Chairman Mr. Ahmed Khalifa stated, "Russia is the second largest crude oil producer and the third largest refiner in the world. Achieving broad intellectual property protection there is key to our continuing effort to achieve broad patent protection in 42 different oil producing and oil refining nations. As stated in earlier news releases, these 42 countries represent 55.7% of all crude oil production, 30% of world crude oil reserves, and 40% of the world's refining capacity. The value of having protection for the world's newest, cleanest and lowest total cost of ownership refining technology in those 42 countries will be the subject of a third party expert report coming out shortly from the international oil industry technology valuation team at Muse Stancil, www.musestancil.com. We very much look forward to their report."
About PETRO-AVEC LLC
PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to develop, finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in 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.
Forward-Looking Statements
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.
Contact:
Axial Vector Energy Corporation
Phone: 971-4 887-5351
or
Redwood Consultants, LLC
Investor Contact
Jens Dalsgaard (415)-884-0348
www.axialvectorenergy.com
www.PetroAvec.com
or
Jebel Ali Free Zone
LOB21-F07
Dubai, United Arab Emirates
Press Release Source: Axial Vector Energy Corporation
Dr. Mark Cullen Conducts Exclusive Webcast Interview with The Green Baron Report to Focus on Patented Oil Refining Technology and PETRO AVEC JV
* On Wednesday May 13, 2009, 5:08 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News) (Frankfurt:BAE1 - News) announced today that Managing Partner of PETRO AVEC, Dr. Mark Cullen, has conducted an exclusive new audio-taped webcast interview to further explain its revolutionary patented technologies to refine oil and more about its Joint Venture with Axial Vector Energy. Unrestricted access to the webcast is now available on the "Webcasts" page at www.TheGreenBaron.com or www.axialvectorenergy.com or www.petroavec.com.
Patents covering 42 countries represent 55.7% of all crude oil production, 30% of world crude oil reserves, and 40% of the world's refining capacity. Over 1,500 claims remain pending around the world.
The process uses sonic energy in a moderate temperature, atmospheric pressure environment to reduce sulfur, nitrogen, and trace metals in petroleum while also reducing oil density. The process increases API (American Petroleum Institute) gravity (least specific gravity = highest API gravity) and volume. Sour (greater than 1/2 percent by weight sulfur) crude is rendered less sour, more useable product is extracted from a 42 gallon barrel of oil, and the volume of treated crude oil expands. The process is fully supported by highly affordable, reliable, available, durable, computerized commercial off the shelf equipment from Germany.
About PETRO AVEC
PETRO AVEC is a joint venture between AVEC and Petrosonics LLC to develop; finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC. Petrosonics was formed in 2001 by Mark Cullen, M.D. Dr. Cullen was previously the President and CEO of SulphCo (AMEX SUF)
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in 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.
Contact:
Axial Vector Energy Corporation
Investor Contact
Phone: 971 4 887 5351
inquiry@axialvectorenergy.com
or
Redwood Consultants, LLC
Jens Dalsgaard (415) 884-0348
www.axialvectorenergy.com
www.PetroAvec.com
Press Release Source: Axial Vector Energy Corporation
Axial Vector Energy Retains Muse Stancil for Independent Commercialization Report on Sulphur Removal and Heavy Oil Upgrade License Values for Its Joint Venture Company PETRO AVEC
* On Monday May 11, 2009, 6:16 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News) (Frankfurt:BAE1 - News) announced today that it has retained Muse Stancil (www.musestancil.com) to independently evaluate the most effective commercialization model for its Oxidating Desulphurization and Heavy Crude Oil Upgrading technology contained in its Joint Venture "PETRO AVEC" (www.petroavec.com). The engagement also involves business strategy and commercial development to maximize the deployment of this important breakthrough technology.
Intellectual property patents are now in place throughout the world protecting PETRO AVEC's technology for removing sulfur and nitrogen, with or without an aqueous phase, with or without an oxidizing agent and with or without frequency limitations on the sonic equipment at the wellhead, along a pipeline or in a refinery. The process uses high power sonic energy in a moderate temperature, atmospheric pressure environment to reduce sulfur, nitrogen, and trace metals in petroleum while also reducing oil density. The process increases API (American Petroleum Institute) gravity (least specific gravity = highest API gravity) and volume. Sour (greater than 1/2 percent by weight sulfur) crude is rendered less sour, more useable product is extracted from a 42 gallon barrel of oil, and the volume of treated crude oil expands. The process is fully supported by highly affordable, reliable, available, durable, computerized commercial off the shelf equipment from Germany.
Patents covering 42 countries represent 55.7% of all crude oil production, 30% of world crude oil reserves, and 40% of the world's refining capacity. Over 1,500 claims remain pending around the world.
AVEC Chairman Mr. Ahmed Khalifa stated, "Muse Stancil is the number one source of validated information to the refinery industry and we look forward to their Global assistance in rapid deployment of PETRO AVEC technology."
About PETRO AVEC
PETRO AVEC is a joint venture between AVEC and Petrosonics LLC to develop; finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.
About Petrosonics, LLC
Petrosonics, LLC is a privately held, 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.
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in 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.
Contact:
Jebel Ali Free Zone
LOB21- F07
Dubai, United Arab Emirates
www.axialvectorenergy.com
or
Redwood Consultants, LLC
Investor Contact:
Jens Dalsgaard, 415-884-0348
or
Axial Vector Energy Corporation
971-4-887-5351
inquiry@axialvectorenergy.com
What the heck is going on 45% drop. Did the doors close?
Press Release Source: Constitution Mining
Constitution Mining receives permits to proceed with Gold Sands drill program
* On Wednesday April 29, 2009, 3:32 pm EDT
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* Constitution Mining Corp.
BUENOS AIRES, ARGENTINA--(MARKET WIRE)--Apr 29, 2009 --
Constitution Mining receives permits to proceed with Gold Sands drill Program
Related Quotes
Symbol Price Change
CMIN.OB 0.39 -0.02
Chart for CONSTITUTION MINING
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Buenos Aires, Argentina - April 29th, 2009 - Constitution Mining Corp. (CMIN.OB) announces that the Department of Environmental Affairs of the Ministry of Mining and Energy in Lima, Peru has approved the Company's Environmental Impact Declaration or DIA ("Declaración de Impacto Ambiental") which it submitted in mid-March 2009 and issued a Category 1 exploration permit. This approval enables Constitution to proceed with its initial 20-hole drill program.
The approval was granted by Resolution Nr 011-2009-MEM-AAM and resulted from extensive work carried out by the Company and its environmental consultants, AMEC Peru SA. "We are very pleased with the outcome of the DIA application which was approved without modification and within the regulated timeframe," commented Constitution Mining CEO, Dr Willem Fuchter, who further added, "This was a result of the diligent work undertaken by our field personnel in conjunction with our industry-partner AMEC and the full support of local communities."
AMEC is continuing with additional baseline studies covering all of CMIN's mineral properties in order to produce and submit an Environmental Impact Assessment or EIAsd ("Estudio de Impacto Ambiental semudetallado") permit application so that a Category II exploration program can commence immediately upon the successful conclusion of the Category I program.
About Constitution Mining Corp.
Our goal is to continuously increase the amount of gold underlying each of our outstanding shares. To build such value, we are focusing on the rapidly developing Gold Sands region of Peru, where we have optioned 382 square kilometers (229 square miles) of mining properties - the largest such block in the district.
The Gold Sands of Peru were laid down by eons of alluvial erosion. For millions of years, the waters of the Santiago and the Marañón rivers have been carving their way through the gold-rich mountain canyons of the Andes, carrying off vast amounts of gold and depositing much of the treasure in loose gravels and sands - Gold Sands - below the Manseriche gorge in Northeastern Peru. There the rivers reach a broad flood plain, slow to a crawl and release their cargo.
Drilling results from more than 500 test holes in a 'proof of concept' zone located on Constitution Mining's properties indicate the presence of tens of millions of ounces of alluvial gold in the region. We intend to capture the profit potential of that gold by applying recently enhanced mining technologies that are especially well suited to low-density, near-surface deposits. These green-mining technologies are energy-efficient and environmentally friendly -- features that support their profitable use.
Further information about Constitution Mining Corp may be found at www.ConstitutionMining.com.
On behalf of the Board:
Dr. Willem Fuchter, CEO
Constitution Mining Corp.
Investor Inquiries
Toll Free: 888-475-0070
Direct Dial: 646-755-3352
Email: Info@ConstitutionMining.com
Disclaimer
This release contains forward-looking statements that are based on the beliefs of Constitution Mining Corp. management and reflect Constitution Mining Corp. current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. When used in this release, the words "estimate, "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward-looking statements. Such statements reflect the current views of Constitution Mining Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including, but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date indicated in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, Constitution Mining Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission.
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Thanks tendollarscoming Looks like incredible potential but they will need mega bucks to procure those dredges and ramp up to 600,000 oz. a year. will that mean dilution? I'm a bit confused about the relationship between CMIN, AZNG and RiverRun, can anyone help? If this pans out it will be one of the largest gold recovery operations ever.
Anyone know of a more active board for CMIN, AZNG and or RiverRun?
Drilling will start soon so there should be more to talk about. I am excited about the prospects as indicated by the figures in the article below.
Good day,
I thought you might enjoy reading this article on Constitution Mining which was written by Ellsworth Dickson, the Editor in Chief of Resource World Magazine and will be featured in the journal's upcoming May issue. I have also attached the CMIN advertisement that will be on the back cover of the May issue. Resource World's May issue will be handed out to 8,000 mining investors who will be attending the World Resource Investment Conference in Vancouver on June 7 - 8, 2009. Resource World has a subscriber base of 30,000 readers and the magazine's website is www.ResourceWorld.com.
Constitution Mining Advancing Alluvial Gold Project
by Ellsworth Dickson
While most junior mining companies are exploring and developing hard rock lode gold deposits, Constitution Mining Corp. [CMIN-OTCBB] is focusing on the alluvial Gold Sands Project in the Amazon Delta, northeast Peru. Here, the company controls 38,200 hectares overlying gold-rich sands and gravels of the Marañón river system and has set up an operational base in the town of Saramiriza. While gold has been recovered from the Marañón river system since Inca times, the first recorded production of gold was in the 1940s. Since then, Canadian, Brazilian, Swiss, and Peruvian interests have operated with various degrees of success. While concentrations are modest -a Russian government consulting company, Sojuzkarta, reported a grade of 295 milligrams per cubic metre (mg/m3) over 500 hectares - quantities may be vast.
Constitution Mining (CMIN) has an 18-month development program to bring the Monica Discovery Area to a trial, or pilot mining, stage. This will require re-drilling the Discovery Area at closely-spaced centres to comply with NI 43-101 resource/reserve reporting standards. CMIN would also like to extend the resource though wider-spaced reconnaissance drilling. As well, more geotechnical and metallurgical studies are planned to complement existing data in order to prepare the optimum processing method. This will lead to the preparation of scoping, prefeasibility, and full feasibility studies leading to a bankable document.
Since acquiring the project in September 2008, CMIN has completed an initial social base line study, implemented a community relations program, submitted a DIA (Declaración de Impacto Ambiental), and received approval to start Category I operations from the Peruvian Ministry of Energy and Mines (MEM). The company has also acquired churn drilling equipment for further evaluation of resources and has commissioned and subsequently received a Preliminary Master Plan (scoping study).
To assist with project development, CMIN has engaged MTI Holland, AMEC Earth & Environmental, WorleyParsons, and the Stocker Group. The Company plans to drill some 500 drill holes with 200 holes planned at 100-metre centres to a depth of 50 metres in the Discovery Area with a view to developing a reserve to sustain pilot mining by a bucket wheel dredge connected to a floating processing plant. An additional 300 holes to 50 metres in depth are planned at one-kilometre spacings across the 20-kilometre wide alluvial field to extend mineralization and a resource potential to sustain a fleet of dredges. Drilling is expected to start in May and will total 25,000 metres using five rigs.
CMIN is in discussions with Scott Wilson Roscoe Postle Associates to provide guidance and technical auditing of sampling so a NI 43-101 compliant resource/reserve report can be prepared. In this regard, the company is working with WorleyParsons, which is providing sampling expertise. Johnson Drilling will operate the churn drilling equipment.
CMIN has also commissioned MTI Holland to draw up a Master Plan which will form the basis for a feasibility study.
According to current plans, the projected mining operation will start in 18 to 24 months with a wheel suction dredger and a floating plant that will be limited in size and dredging depth. The following year, the first full-scale dredger and floating plant will be commissioned with a capacity to dredge to 20 metres deep. A year later, a similar sized dredger and plant will be brought on with a dredging depth of 40 metres. Thereafter, the two-dredger system will be replicated twice, over a four-year period, until a production level of over 600,000 oz/year has been achieved with seven dredgers (and their floating plants).
Production is expected to start at 48,000 oz/year with one dredger and will grow to 630,000 oz./year with seven dredgers from resources grading between 250 - 350 mg/cubic metres. Preliminary cash flow analyses based on current information and assuming US $800/oz., 300 mg/m3, and a mine life of 16 years (although the deposit is expected to be mined over a much longer period) have returned the following numbers:
For the first single dredger scenario (pilot mining): NPV = US $80 million
IRR = 38%; Operating Costs = US $261/oz.
For the intermediate three-dredger scenario: NPV = US $309 million
IRR = 45%; Operating Costs = US $206/oz.
For the seven-dredger scenario: NPV = US $600 million; IRR = 46%
Operating Costs = US $183/oz.
Metallurgical work was done by previous operators, and MTI will also carry out recovery studies. While soil characteristics, grain size distribution, gold content, gold size and shape, gained from the drill samples will help define the dredgeability and processing parameters of the sands/gravels, bulk sampling will be done to confirm gold grades and distribution and to assess digability. Therefore, after the initial holes have been completed, a small-size grab dredger system with a small on-board processing plant will be used to gather data.
The dredges are fabricated by IHC in the Netherlands. Dredgers and floating plants will be loaded on semi-submersibles at the factory, shipped to Brazil and pushed upstream by tugs to the mine site.
The first dredger is expected to cost about US $6.5 million; however, total capital expenses of this dredging system is expected to be about US $46.7 million. For the larger dredgers and dredging systems, the Capex costs are expected to be about US $14.2 million and US $85.1 million, respectively.
CMIN has also completed field work for an EIAsd (Evaluación de Impacto Ambiental semidetallado) which will allow it to proceed with Category II activities. CMIN expects this to be granted within the next two months. The EIAsd also forms the basis for the full EIA which AMEC is working toward completing with a view for trial mining to start in 18 months. CMIN currently employs only two non-Peruvians on the project, the rest being nationals, most of who come from the project region.
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Alpine Communications AG
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Press Release Source: Axial Vector Energy Corporation
Axial Vector Energy JV, PETRO-AVEC LLC, Appoints Dubai-Based Oil Executive Dr. Mazin Samman to Licensing Negotiating Team; Adds Extensive Middle East, Asian and Russian Oil Industry Expertise
* Monday April 20, 2009, 5:02 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News) (Frankfurt:BAE1 - News) announced today that its PETRO-AVEC LLC JV appointed Dubai-based oil executive Dr. Mazin Samman, former Managing Director of United Oil Investments/Hadramout Refineries Company in Dubai, United Arab Emirates and Sana'a, Republic of Yemen, to its international licensing negotiating team.
Dr. Mazin Samman, a Saudi national, educated/oil industry trained in the U.S. and resident, from time to time in, Italy, Lebanon, Thailand, the U.S., the U.K. and the U.A.E, is a capable Arabic, English, French and Italian linguist. He is highly experienced in bringing diverse experts together from multiple continents, governments, companies and organizations to authorize, design, finance, construct and operate large scale oil projects. A recent case in point includes the authorization, design, financing, construction and turn-key operation of a new construction domestic/export refinery on the outskirts of the coastal city of Mukalla, in the Republic of Yemen. The effort required coordination with multiple governments, agreements with various oil companies, including Luk Oil in Switzerland, engineering and construction contracts with the consortium of Samsung and SK Engineering in Korea, and credit agreements with the Korean Export-Import (EMIM) Bank, requiring a Korean ECA guarantee.
In Russia, Dr. Samman's projects extended as far as the remote Pacific Island of Sakhalin, just north of Japan. Dr. Samman was responsible for Russian government negotiations/authorizations/long term relations, financing, new refinery design/construction, existing infrastructure upgrade, product procurement, crude oil sales and refining operations.
In the Americas, on behalf of Nimir Petroleum in Dallas, TX, Dr. Samman co-managed a team responsible for securing senior financing from Morgan Stanley and Chase Manhattan Bank to complete the acquisition of HOCOL-Shell in Columbia.
In his native Saudi Arabia, Dr. Samman assisted Saudi Aramco in a number of endeavors, including the securing of contractors like MMG (Mohammad Almojil Group) for various large scale construction projects.
Commenting on the appointment, Dr. Samman stated, "In all of my years working with the oil industry, the Petro-Avec Joint Venture ranks potentially as one of the most exciting. Having experienced a relative drought of exciting new technology in the oil industry since the 1970s, it was just a matter of time before someone came up with something really revolutionary and I'm just excited to be a part of it. The industry very much needs this type of innovation and the third party assessed economics behind it are very compelling. I should think this would be fairly easy to license internationally and I look forward to working on that immediately."
Dr. Mark Cullen, Managing Director at Petro Avec LLC, stated, "I had the pleasure of meeting Dr. Samman on my most recent trip through the Middle East. He is the most impressive individual and I look forward to working closely with him."
AVEC Chairman Mr. Ahmed Khalifa stated, "An exciting, industry-changing technology deserves the help of exciting, industry-changing leaders. We are extremely fortunate to secure the assistance of Dr. Samman and look forward to much success together. We have additional candidates in mind for assisting with rapid licensing and hope to announce those appointments shortly."
About PETRO-AVEC LLC
PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to develop, finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.
About Petrosonics, LLC
Petrosonics, LLC is a privately held, 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.
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in 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.
Forward-Looking Statements
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 inquiry@axialvectorenergy.com.
Contact:
Yes lets see a Purchase Order. Can you imagine if a major appliance manufacturer ordered there electric motor, wind generator builders adopted there generator, major refineries ordered there magic ultrasound machine, or a car manufacturer found there engines economically met new government millage requirements. If any one of there technologies is widely accepted AV should make big waves.
Press Release Source: Axial Vector Energy Corporation
AVEC Announces Today the Appointment of Miguel A. Gonzales as the Director of the Company and Head of the Audit Committee
* Thursday April 2, 2009, 7:41 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News) (FWB:BAE1) announces the appointment of Miguel A. Gonzales as the Director of the Company and Head of the Audit Committee.
An attorney specializing in Finance and International Business, Mr. Gonzales brings over 20 years of financial and legal processes to the board of AVEC. As Managing Director of the Latin American office, he provides valuable experience in International Licensing and Commerce.
Mr. Gonzales will coordinate the legal and accounting aspects of the business throughout the company in order to prepare and move the corporation to the desired listings on the American Stock Exchange. Mr. Ahmed Khalifa, Chairman of the Board stated, “We are honored to have Mr. Gonzales on board, as a previous director of bank and the legal advisor for an international pharmaceutical company, we are confident that Axial Vector will quickly move up to its desired listings. His experience with licensing at the international level will be valuable as AVEC embarks on its licensing negotiations worldwide.”
Mr. Gonzales will be coordinating on the legal and accounting aspects in our new Las Vegas, Nevada office which will be announced shortly.
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.
Forward-Looking Statements
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 inquiry@axialvectorenergy.com.
Contact:
Axial Vector Energy Corporation
Phone: 971-4-887-5351
inquiry@axialvectorenergy.com
or
Redwood Consultants, LLC
Investor Contact
Jens Dalsgaard (415)884-0348
Jebel Ali Free Zone
LOB21- F07
Dubai, United Arab Emirates
www.axialvectorenergy.com
www.PetroAvec.com
* Email
* I
True S-P but it would be more reassuring if they had reported that they had cranked up one of these units and had it running continuously for a month or more under max load!
Adaptive Propulsion Systems and Axial Vector Energy Schedule Technology Transfer Closing Date for April 4Th, 2009 Due to Successful Demonstrations Last Week
Monday March 23, 7:12 am ET
DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News) (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.
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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.
Forward-Looking Statements
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 inquiry@axialvectorenergy.com.
Contact:
Axial Vector Energy Corporation
Phone: 971 4 887 5351
inquiry@axialvectorenergy.com
or
Redwood Consultants, LLC
Jens Dalsgaard, Investor Contact
(415)884-0348
Jebel Ali Free Zone
LOB21- F07
Dubai, United Arab Emirates
www.axialvectorenergy.com
www.PetroAvec.com
Source: Axial Vector Energy Corporation
Thanks Sargeant-Preston, I agree some kind of feed back from the demo would be appreciated by the long suffering share holders.
Do we have a date for the long awaited demo of our new technology? Lets hope someone with a camcorder is there to thoroughly document it for those interested parties that are unable to attend. Forecast delivery dates and the reaction of potential buyers would very interesting as well technical details and just watching the machinery function.
Loan paid off early!
http://biz.yahoo.com/e/090318/etnl.pk8-k.html
If it makes any difference the 50K at 9:31 @ .011 was my buy
It was a buy at .0135
I filled 50,000 at 11:16:16 AND DON'T SEE IT ON TIME AND SALES
Put in a bid at 4 as a joke wow 10,000 partial fill
filled in about 2 minutes at .0015
buy 60K @ .024 deep
That 60,000 at .024 was mine and it filled in less than two minutes. deep
http://www.constitutionmining.com/index2.asp If you haven't looked the Constitution web page is quality with a lot of good info. Amazon Goldsands Ltd is also mentioned on there web page. Try this for some info on that as they seem to be related. http://ih.advfn.com/p.php?pid=squote&symbol=azng
CMIN has gone up like a rocket in the last few days so I bought a few. Hoping for the best.
10 more wells completed 3 weeks ahead of schedule. Now 20 of 100 planned wells drilled. http://biz.yahoo.com/bw/080807/20080807005149.html?.v=1
Up to 5 million share buy back http://biz.yahoo.com/bw/080723/20080723005411.html?.v=1
Another nice web cast
www.thegreenbaron.com/Webcasts.htm.
and more good news
http://biz.yahoo.com/bw/080325/20080325005492.html?.v=1
Happy NEW YEAR from a sunny, tradewindy, 80 degree West Indies. deep
That brings me up to a round number that I will have to live or die with. deep
That last 250,000 buy was me - wait till my wife sees that OH MY
You guys are persuasive. I have had some shares at .02 for quite a while but have sort of forgotten about it. After reading the board today put in a bid at .007. Filled. Hope you folks are right, could use a winner for a change. deep