Wiser Oil and Axial Vector™ Engine Corporation (OTC Bulletin Board: AXVC) Announce Joint Venture
Apr 3, 2006
Dubai, UAE, April 3, 2006 - Wiser Oil, a subsidiary of Wiser Group, and Axial Vector™ Engine Corporation (OTC Bulletin Board: AXVC) today announced the signing of a joint venture agreement. The joint venture, to be named "Wiser AVEC Power Corporation," will combine the companies' respective strengths in capital, energy and technology.
Under the terms of the joint venture, Wiser agreed to pay 100% of the capital while AVEC provided a license for it's engines and "Gensets" in the fields of power generation, marine vessels and pumps including water, hydraulic and pneumatic.
The JV takes responsibility of orchestrating the sales and distribution of its engines and generators as well as assuring proper issuance of service licensing. The territory of the JV is the six countries of the GCC: Saudi Arabia, Kuwait, Bahrain, Qatar, the United Arab Emirates, and the Sultanate of Oman.
Commenting on the joint venture, His Highness, Sheikh Jassim Bin Humaid Al-Qassimi, Chairman of Wiser Group, stated "Through this joint venture with Axial Vector, we are able to ensure long term benefits in both a business and humanitarian sense. The applications for this technology are so far-reaching that we cannot yet fully appreciate the impact it will have on global issues such as poverty and energy production. We are proud to be affiliated with such a visionary initiative."
Wiser Oil, a fully-owned subsidiary of Wiser Group, is headquartered in Dubai, UAE and conducts off-shore operations servicing the GCC. It is an environmentally conscious oil company focusing on environmental oil treatment solutions. Wiser Oil conducts research and technology projects outsourcing heavy oils and emulsions: www.wisergroup.net.
Axial Vector Engine Corporation is an American technology company that develops multi-fuel internal combustion engine and generator technologies in the United States and is currently expanding its operations to include the Middle East.
The first task facing the new joint venture is to facilitate the distribution, sales and services of Axial Vector™ engines and generator technology in the GCC. With applications in all areas of industry and global development, the implications for the Axial Vector technology go far beyond electricity supply.
Dr. Raymond Brouzes, President of AVEC, believes the joint venture came in response to a global demand for more efficient management between the oil and technology industries. "Wiser AVEC is the realisation of a strategic objective of both parties-to combine revolutionary engine and generator technology with environmentally conscious oil production and supply procedures in order to create efficient and sustainable products and services," he noted.
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