Dr. John F. Walter Named Chairman of Advisory Council for Axial Vector Engine Corporation
Aug 23, 2006
PORTLAND, Ore., Aug. 23 /PRNewswire-FirstCall/ - Axial Vector™ Engine Corporation (OTC: AXVC - News) announced today the selection Dr. John F. Walter as Chairman of the Advisory Council for the company.
The Board of Directors of the Axial Vector Engine Corporation has established an Advisory Council reporting to the CEO rapid recognition and implementation of the potential applications of the new technologies arising from the Axial Vector Engine, the Axial Flux Generator/Electric Motor, and the highly efficient rectifiers, Inverters and Control Systems being developed for the Axial Vector Engine Company. The Board believes that this Council of senior, retired, industrial executives will be very beneficial in rapidly focusing the company in terms of products to be pursued and the appropriate business structure to assume rapid success.
During Dr. Walter's eight months as consultant to AVEC, he has provided the company with an in-depth and valuable range of management and technical expertise. With his recent appointment as Chairman of the AVEC Advisory Council, Dr. Walter will continue to provide strategic planning to AVEC, and he will now be able to draw upon input from equally high-powered, proven and experienced senior executives who shall meet every second month to focus on key business and technical issues to assist AVEC in its rapid growth and development. One area of immediate particular interest will be distributed power generation in developing and developed countries. Another prime area of opportunity is the application of our new coreless permanent magnet generator and electric motor technologies.
Dr. Walter will coordinate with Dr. Raymond Brouzes the interview of candidates identified to serve on the AVEC Advisory Council.
Dr. Walter was formerly the President of Constellation Power, Inc., a subsidiary of Constellation Energy Group of Baltimore, Maryland, a multi-billion dollar company owning and operating over 40 energy generation plants and fuel generation facilities throughout the United States and Latin America. Prior to that, Dr. Walter was President of Ogden Power Corporation and a Co-founder and Director Gallagher Marine Systems, Inc. Dr. Walter also served as Director of Engineering for Gulf + Western Manufacturing Company and as President of the Fluid Systems Division of the Gulf + Western Manufacturing Company, coming there from Westinghouse Electric Corporation, where he worked at the Bettis Atomic Power Laboratory under the direction of Admiral Hyman Rickover in the development of United States Naval Nuclear Submarine Propulsion Program.
Dr. Walter has also served on numerous company boards, including as a founder of Gallagher Marine Services, EGI, Inc., the Electrical Generation Association, the Valve Manufacturers Association, and Millennium Power, Inc, etc.
Dr. Walter received his BS degree in Chemical Engineering, Summa Cum Laude, from the University of Florida, and his MS and PhD from the University of Pittsburgh.
Dr. Raymond Brouzes, President and CEO of Axial Vector™ Engine Corporation stated: "We are delighted that Jack has agreed to expand his role and contribution to the company through the senior Advisory Council. I personally look forward to drawing upon Jack's considerable operating expertise and the collective wisdom and experience of the Advisory Council to help rapidly and effectively grow value for our shareholders in the commercialization of our family of Axial Vector Technologies."
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 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 Axial Flux electric power generators that shall operate in a fully integrated fashion with our unique Axial Vector™ Engine 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
+1-503-471-1348
info@AXIALVECTORENGINE.COM
REDWOOD CONSULTANTS, LLC
+1-415-884-0348
INVESTORINFO@REDWOODCONSULTANTS.COM
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