I hope you guys saw this... because this company is for real.
The news will probably drive this one to $10/share soon...
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
DUBAI, United Arab Emirates (BUSINESS WIRE) - April 20, 2009 - Axial Vector Energy Corporation ("AVEC") (Pink Sheets: AXVC) (Frankfurt: BAE1) 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."
