Initial Orders for Axial Vector GENSET Multi-Fuel Power Systems Total 80 Megawatts Representing $96 million in Revenue Each Year; Options are Signed for Additional 150 Megawatts.
March 19, 2008
DUBAI, United Arab Emirates, March 19 (PRNewswire-FirstCall) - Axial Vector Engine Corporation (OTCPK: AXVC)(Frankfurt: BAE1) is proud to announce it has already received its first signed lease agreements for its new multi-fuel GENSET power generation systems. These four year lease agreements with annual escalator clauses will in turn provide true multi-fuel power production capabilities to the end user for the first time. The GENSET's ability to run on clean fuels and obtain "carbon credits" is viewed as an innovative development and is produced significant interest from attendees of last week's WETEX conference.
Further revenue is generated by selling the carbon credits resulting from use of clean fuels by these GENSETS. The current price of carbon credits is at US$ 30 per carbon credit, we believe that this is the lowest price and will rise significantly in the near future.
The extremely positive response to AVEC GENSETS has resulted in the decision by management to move ahead with a leasing program for AVEC products. The logic behind this course of action comes from that it protects our technology at all times, increases revenues substantially for the corporation and its shareholders, and ensures us a steady flow of income that can be used in part to further research and development of more AVEC products.
Orders were received from the following countries: Indonesia, Malaysia, Democratic Republic of Congo, Cambodia, Tanzania, and Sierra Leone. In addition to our leasing model, the biggest advantage of AVEC GENSETS over the competition is the ability to deploy in areas with already available palm oil as opposed to having to transport, often with great logistical difficulty and expense, diesel or other fossil fuels. At this time, we do not see any competitors to the multi-fuel GENSETS provided by Axial Vector.
Mr. Ahmed Khalifa, Chairman of AVEC stated, "Today is a major milestone for Axial Vector Engine Corporation. We have transformed from a research and development company to production facility overnight, and will be working hard to deliver these orders on time. In particular, the ability of our GENSETS to run on fuel like palm oil is an advantage that our clients have tremendous interest."
A press release to discuss new manufacturing plans and a new webcast interview with EICA Senior Managing Director Arash Masom by TheGreenBaron.com is expected next week.
For Further Information Please Contact:
Axial Vector Engine Corporation
503-471-1348
avec@emiratescapital.net
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