Emirates International Capital Advisory Acquires an Additional 10% of Axial Vector and Options To Acquire an Additional 15%
-New Director Appointed to Replace Retiring Officer and Director-
November 26, 2007
Dubai, United Arab Emirates - November 26, 2007-Axial Vector Engine Corporation (Pink Sheets: AXVC-NEWS; Frankfurt Symbol: BAE1) today announced that Emirates International Capital Advisory has acquired an additional 10 percent of the company's common stock in a series of private transactions. Further, Emirates has signed an option agreement to purchase up to an additional 15 percent of the company's common shares at any time within the next 12 months.
The company also announces the retirement of Samuel Higgins as an officer and Director. Arthur Deane Preston has been appointed to fill the unexpired term of Mr. Higgins as Director. Mr. Higgins has signed a one-year consulting agreement to assist in the transfer of the company's business to new management.
Ahmed Khalifa has been appointed acting CEO and will head the recruitment committee for a new CEO and CFO as well as other personnel needed for the commercialization phase of the company's products.
At the signing of the transaction agreement, EICA Managing Director, Arash Masom, stated, "In Axial Vector Engine Corp. ("AVEC") we have uncovered a disruptive technology in engine design and efficiency. In today's ever increasingly populous world the benefits of more efficient, mobile, on-demand power generation is unlimited. With skyrocketing costs associated with producing engines and generators coupled with rising costs of fuel, AVEC has a unique solution that addresses both these problems. The engines and gensets are more efficient in terms of production as well as operational costs.
In today's hydrocarbon consuming environment, where we are still a long way from running our vehicles with fuel cells or hydrogen, it seems the most logical first step is to improve on our gas consuming engines and generators and to reduce their emissions, AVEC has achieved that goal with proven technology."
Mr. Masom further stated, "We are committed to provide the human and capital resources to maximize the commercial potential of AVEC technologies and we will begin the steps to do so immediately."
About Emirates International Capital Advisory
Emirates International Capital Advisory (EICA) www.emiratescapital.net is a Dubai based advisory firm chaired by His Royal Highness Sheikh Marwan bin Mohammed bin Rashid Al Maktoum. The firm provides advisory services on investments in the United Arab Emirates and abroad on behalf of its clients in various aspects of commerce.
The firm actively seeks out opportunities to invest its capital by taking positions in ventures that have promising returns. EICA continuously seeks out niche markets that have been overlooked and targets best in class solutions and groundbreaking technologies to bring to market.
EICA's highly professional staff, coupled with its vast network of resources, provides it with agility to quickly mobilize resources to secure strategic positions. Drawing upon 25 years of financial and advisory expertise, EICA is able to methodically and successfully execute, establishing a position as one of the leading 'home bred' advisory firms in the region.
Axial Vector™ Engine Corporation is a publicly traded company (OTC Pink Sheets: AXVC) that owns, develops and licenses proprietary intellectual property regarding unique internal combustion engine technologies. AVEC is 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.
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:
One World Trade Center
121 SW Salmon Street, Suite 1100
Portland, Oregon USA
(503) 471 1348
www.axialvectorengine.com
Axial Vector Engine Corporation
503-471-1348
avec@emiratescapital.net
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