Axial Vector™ Engine Corporation Announces Expected Production Date for Prototype Engine
Company announces significant progress regarding production of Axial Vector™ Engine
Dec 21, 2005
PORTLAND, Ore., Dec. 21 /PRNewswire-FirstCall/ -- Axial Vector™ Engine Corporation (OTC Bulletin Board: AXVC), a company developing exciting and potentially revolutionary internal combustion engine and power generator technologies, announced today the expected production schedule for 2006 regarding their prototype engine.
The Company had previously reported a design freeze on November 31, 2005, that allows it to proceed to the production phase with the prototype engine. The Axial Vector™ Engine is being built under contract by Adaptive Propulsion Systems.
Adaptive Propulsion Systems (APS) recently hired Mr. Art Gopalan as Managing Director to oversee the production of the Axial Vector Engines. Before joining APS, Mr. Gopalan worked over 35 years with the General Electric Corporation where he was directly involved with GE Power Systems and GE Aircraft Engines. Art's experience at GE Aircraft Engines includes successful launch of a fighter engine model in the KAI/LM supersonic trainer/light attack aircraft. He also designed and placed in service significant components and systems in both segments such as being the first to place in service high temperature ceramic exhaust nozzle parts in production engines such as the US Navy's F/A18-E/F.
Under Art's leadership, Adaptive Propulsion Systems expects to have the prototype 200 kW (kilowatt) Gen Set manufactured and ready for Beta testing by Q2 2006. Mr. Gopalan will be working directly with Axial Vector's Vice President of Technology — Electrical Generators, Mr. Oyvin Haugan. The joint team responsibility will be to integrate, seamlessly, the Axial Flux Electrical Generator into the Axial Vector internal combustion engine (integrated engine and generator system).
'We have been anticipating this day for some time now,' said Dr. Raymond Brouzes, Axial Vector's President. 'We reconfirm that all systems are go and that we are moving from the research and development phase to the production, testing and revenue phase of the Axial Vector Engine.'
About Axial Vector™ Engine Corporation
Axial Vector Engine Corporation is a publicly traded company that owns, develops, and licenses proprietary intellectual property regarding unique internal combustion engine and generator technologies.
We believe the fundamental economic conditions that ruled since the development of the internal combustion engine over 100 years ago no longer exist. In today's world of high fuel and oil costs, energy efficiency, weight, and space are key considerations.
We are developing and commercializing an exciting and potentially revolutionary internal combustion engine. Our engines are lighter, smaller, and have fewer parts than a traditional engine. They are able to run on multiple fuels while making more power at lower RPMs than traditional ones. These innovative machines will be suitable replacements for existing engines in a number of industrial categories.
Key markets for the Axial Vector™ Engine include a number of specific military and industrial applications. Additionally, we are developing a family of electric power generators (GENSETS) incorporating our unique Axial E-Flux technology. The GENSETS have a high power density, will consume less fuel per unit of electrical power output, and are considerably smaller than any known internal combustion engine generators and the control is totally and dynamically integrated with the AV Engine.
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, competition, and other economic factors. Additional risks and uncertainties are described in the Company's public filings with the Securities and Exchange Commission.
SOURCE: Axial Vector Engine Corporation
For further information
Dr. Raymond Brouzes, President
Axial Vector™ Engine Corporation
503-471-1348
info@axialvectorengine.com
http://www.axialvectorengine.com
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