Axial Vector™ Engine Corporation Announces Resolution of Dyna-Cam Litigation
Jul 6, 2006
PORTLAND, Ore., July 6 /PRNewswire-FirstCall/ -- Axial Vector™ Engine Corporation (OTC Bulletin Board: AXVC - News) announced today that on May 16, 2006, Axial Vector™ Engine Corporation signed a Settlement Agreement and Mutual Release with Dennis Palmer and Patricia Wilks resolving the litigation filed by Axial Vector™ Engine Corporation against Palmer and Wilks over the purchase of the Dyna-Cam assets.
The settlement involved a confirmation by Palmer and Wilks of the agreements of June 30, 2003 wherein Axial Vector™ acquired all rights, titles, assets and interest to Dyna-Cam Engine Corporation, including related websites and domain names. As part of the agreement, the preliminary injunction granted to Axial Vector™ on November 17, 2005 will remain in place as a permanent injunction by Order of the Federal District Court docketed on June 13, 2006. The injunction permanently bars Palmer and Wilks and others acting in concert with them from:
- displaying, controlling, and/ or operation of the website www.dynacam.com or any other domain containing the words "dyna-cam", "dynacam", "Dyna-Cam", or "Dynacam";
- exhibiting any display, product, and advertisement bearing the mark Dyna-Cam, "Dyna-Cam Engine", or "Dyna-Cam Engine Corporation", and
- making, using, selling, marketing, and offering for sale certain products using the name(s) and mark(s) containing the words "dyna-cam", "dynacam", "Dyna-Cam", or Dynacam.
Dr. Raymond Brouzes, President and CEO of Axial Vector™ Engine Corporation stated, "We are pleased to resolve this matter and remove any cloud over our ownership of the Dyna-Cam engine and its progeny."
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 technologies and generator technologies. We are applying these technologies to develop an exciting, new, smaller and lighter internal combustion engine that produces significantly greater horsepower and three times more torque on less fuel than conventional engines of similar size. The internal combustion engine as we know it today may never comply with mandated pollution standards and meet the strong demand for cleaner and far greater fuel-efficiency engines. We see the Axial Vector™ as the engine design that will comfortably meet these challenges, and more. Key entry 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 incorporating our unique Axial Vector™ technology. The resulting GENSET will consume less fuel per unit of electrical power output (kWh) and are considerably smaller than any known internal combustion engine generators.
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.
For Further Information Please Contact:
DR. RAYMOND BROUZES, PRESIDENT & CEO
One World Trade Center
121 SW Salmon Street, Ste 1100
Portland, OR 97204
503-471-1348
RAYMOND.BROUZES@AXIALVECTORENGINE.COM
REDWOOD CONSULTANTS, LLC
+1 415 884-0348
INVESTORINFO@REDWOODCONSULTANTS.COM
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