AVEC Applies for Government Grants for Joint Ownership of Engine Production Facility in USA
* Press Release
* Source: Axial Vector Engine Corp.
* On Monday August 10, 2009, 5:34 am EDT
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DUBAI, UNITED ARAB EMIRATES--(Marketwire - 08/10/09) - Axial Vector Energy Corporation ("AVEC") (Pinksheets:AXVC - News) (Frankfurt:BAE1 - News) announced today that it has applied for Federal Grants and Loan funding to assist the co-ownership of an Engine and Generator production facility to be located in the USA.
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The company is in negotiations with several domestic companies and various state governments on locations best suited for the factory. Numerous incentives and benefits are available to bring these USA developed 'ultra clean' technologies to commercial production.
Under the various guidelines for Government Funding, AVEC is especially well suited for acceptance due to its status of already having a production grade model and level 2 engineering package ready.
Sanjai Chhaunker AVEC President and CEO stated, "With our recent successful demonstration of our completed 'workhorse engine,' we expect rapid market acceptance in the USA where there is a huge demand for clean multi fuel power using much less fuel and producing almost no carbon footprint."
The demonstration in Virginia in July was powered by 'Palm Oil' only. No fossil fuel was used although the engine also uses Diesel, JP5, Kerosene and Natural Gas.
While multiple states are in the running for this factory, Indiana, Michigan and Virginia have all met the first level of qualifications. Using 2/3 less parts and 25% less fuel than conventional engines, the AVEC engines are an answer to many of the challenges facing the United States and all Governments.
One of the most important features of the double sided shaft AVEC engine is the ability to power a vehicle on one side of the engine while the other side powers a generator for on board internal and external power generation creating the ultimate self contained 'HYBRID Electric Vehicle,' which is simultaneously a large quantity portable electricity producer.
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.
