Axial Vector Energy Announces Appointment of New Chairman of the Board of Directors
* Press Release
* Source: Axial Vector Energy Corporation
* On Monday August 3, 2009, 6:15 am EDT
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DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC - News)(Frankfurt:BAE1 - News) today announced the appointment of Mr. Samuel Higgins to the position of Chairman of the Board of Directors, filling a vacancy resultant from the departure of Mr. Ahmed Khalifa. As noted in AVEC's SEC Form 8K on June 23, 2009, Mr. Khalifa resigned when Global Operations (GBS LLC) purchased all of the shares held by Mr. Khalifa’s firm, Emirates International Capital Advisory. Mr. Khalifa remains committed to AVEC as a private shareholder.
Regarding the appointment, AVEC President and CEO Sanjai Chhaunker remarked, "We are extraordinarily pleased to have persuaded Mr. Higgins to return from retirement. Sam is the firm's founder, one of the largest shareholders and former CEO. No one else knows AVEC, its history, governance, the product line, the client market and the path forward as well as Mr. Higgins."
Stated Mr. Higgins, "As a shareholder seeking rapid growth in shareholder value, I'm particularly gratified that our products are performing so well, that mass production is just around the corner, and that the firm is poised to return to a fully reporting status and, hopefully, listing on a senior exchange and index. Our plan going forward involves reviewing all products, agreements and opportunities, a significant amount of licensing in the near term, accompanied by rollout and maturation of our previously announced JVs. In the near term, I'll be travelling extensively to talk to future licensees, our JV partners, institutional investors and attendees at renewable energy conferences. We have a lot of work to do in a short period of time but I believe all of the major obstacles to profitability are behind us."
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.
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